Thursday,30 January 2025 17:28:46

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Thursday,30 January 2025 at 17:24

UK and European markets closed at record highs as investors reacted to the European Central Bank’s fifth consecutive interest rate cut.

Market watchers expect further easing this year despite euro zone inflation ticking upwards over the past few months; activity in the single currency area’s manufacturing and services sectors remains broadly subdued and consumer confidence is below its long-term average, European Commission data shows.

The S&P 500 was muted as losses in tech heavyweights Microsoft and Nvidia countered earnings-led gains for Meta and Tesla, while investors parsed a slew of corporate earnings a day after the U.S. central bank held interest rates steady.

Safe-haven gold prices rose as investors worried about potential import tariffs from U.S. President Donald Trump, while investors awaited a key inflation report to gauge the Federal Reserve’s policy path.

Oil prices were slightly higher as investors focused on tariffs threatened by U.S. President Donald Trump on Mexico and Canada, the two largest suppliers of crude to the United States.

In UK corporate news, Airtel Africa surged after a well-received third-quarter update and as it announced the launch of a second share buyback programme.

St James’s Place rallied as it said net inflows and strong investment returns for clients had driven record funds under management for the year to the end of December 2024.

On the downside, BT Group was under the cosh as it said third-quarter revenues had fallen amid weaker phone sales and a struggling business unit.

Markets

At the close

FTSE 100 8,646 +1.04%

FTSE 250 20,805 +1.19%

DAX 21,727 +0.41%

At 17:25

Dow Jones 44,805 +0.20%

S&P 500 6,048 +0.14%

NASDAQ 19,598 (-0.17%)

Fixed Income

UK 10-YR YIELD 4.569

Exchange Rates

GBP/USD 1.243

GBP/EUR 1.194

Commodities

Gold $2,790 +1.16%

Brent $75.80 (-0.12%)

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.