Thursday,18 January 2024 08:50:58

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Thursday,18 January 2024 at 08:51

UK & European stocks opened just a touch lower following heavy losses in the previous session, as investors waded through a deluge of corporate news.

Hong Kong stocks rebounded, while mainland China shares also rose after languishing near five-year lows.

Oil prices edged higher as OPEC forecast relatively strong growth in global oil demand over the next two years and a cold blast in the U.S. disrupted some oil production.

Gold prices hovered near five-week lows, as hawkish remarks from Federal Reserve officials and robust data dampened investors’ expectation for deeper and early interest rate cuts in U.S. this year.

In corporate news, JD Sports Fashion said it had taken 100% control of Poland’s Marketing Investment Group after clearance from the European Commission.

The retailer mopped up the 40% minority stake in MIG, giving it the opportunity to roll out its brand into Central and Eastern Europe.

In the financial year to January 2024, MIG generated revenues of approximately £270m. As at 30 December 2023, MIG operated a total of 403 stores across 13 countries, including 23 JD stores.

Markets

08:50

FTSE 100 7,440 (-0.07%)

FTSE 250 18,867 +0.02%

DAX 16,436 +0.03%

the close

Dow Jones 37,226 (-0.25%)

S&P 500 4,739 (-0.56%)

NASDAQ 14,855 (-0.59%)

Fixed Income

UK 10-YR YIELD 3.973

Exchange Rates

GBP/USD 1.269

GBP/EUR 1.166

Commodities

Gold $2,010 +0.21%

Brent $78.24 0.24%

Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.