Thursday,18 January 2024 16:57:06

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Thursday,18 January 2024 at 16:57

UK and European markets were higher as investors continue to monitor news and comments from the World Economic Forum in Davos, Switzerland.

The dollar moved higher after robust U.S. retail sales data added to expectations the Federal Reserve will not rush to lower interest rates.

Oil prices rose as the IEA joined producer group OPEC in forecasting relatively strong growth in global oil demand this year.

Gold prices rose, helped by the Middle East conflict lifting safe-haven appeal.

Shares in Watches of Switzerland tanked as the luxury timepiece seller slashed its annual revenue guidance on the back of slumping demand for its luxury products and forecast of volatile trading conditions for the rest of the fiscal year.

Full-year 2024 revenue was now expected to be between £1.53bn - £1.55bn, compared with an earlier forecast of £1.65bn - £1.70bn, the company said. Shares were down more than 30% in London trade.

Markets

At the close

FTSE 100 7,459 +0.17%

FTSE 250 18,948 +0.44%

DAX 16,552 +0.74%

At 16:50

Dow Jones 37,266 +0.01%

S&P 500 4,764 +0.54%

NASDAQ 15,044 +1.27%

Fixed Income

UK 10-YR YIELD 3.936

Exchange Rates

GBP/USD 1.268

GBP/EUR 1.167

Commodities

Gold $2,013 +0.39%

Brent $78.72 +0.86%

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.