Market Report

UK and European markets mostly traded higher as investors in the region monitored a series of corporate earnings releases.

Nasdaq and S&P 500 have moved to the downside, although the narrower Dow is posting a modest gain. Concerns about the outlook for interest rates may be weighing on the markets ahead of the Federal Reserve's monetary policy announcement later on today.

With the Fed widely expected to leave interest rates unchanged, traders will pay close attention to the accompanying statement as well as Fed Chair Jerome Powell's post-meeting press conference.

Gold is starting to turn a bit lower after a very whipsaw start to the week. No big moves are expected until later as traders sit on their hands until the Federal Reserve (Fed) interest rate decision.

Oil prices edged lower on a rise in U.S. crude stockpiles and easing concern over Libyan supply, with U.S. tariffs on Canadian and Mexican imports also in focus.

In UK corporate news, Fresnillo shot higher as the precious metals miner met guidance with silver output in 2024 and marginally beat expectations with gold production, with full-year profits more than doubling as costs fell and commodity prices jumped.

WH Smith rallied after it reported a 4% jump in revenue for the 21 weeks to 25 January as it hailed strong momentum in the travel business, although high street sales dropped as expected.
The retailer confirmed earlier this week that it was considering a possible sale of the high street segment.