Thursday,25 January 2024 08:24:12

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Thursday,25 January 2024 at 08:24

UK & European stocks fell at the open after disappointing results from Tesla and ahead of a rate announcement by the European Central Bank and US GDP data.

China and Hong Kong stocks led gains in Asia-Pacific markets after the People’s Bank of China said it would cut reserve requirements for the country’s lenders. Property stocks also jumped on the central bank’s measures that would help boost the liquidity available to developers.

Oil prices rose after data showed U.S. crude stockpiles fell more than expected last week, while the Chinese central bank’s cut in banks’ reserve ratio reinforced hopes of more stimulus measures and economic recovery.

Gold prices hovered near a one-week low, pressured by a firmer U.S. dollar and higher bond yields following strong business activity data, while investors awaited U.S. GDP numbers and the European Central Bank’s policy meeting later in the day.

Consumer health group Haleon, the company behind Sensodyne toothpaste, Panadol and Advil painkillers, has announced it is selling the ChapStick brand for $430m.

The divestment, to Suave Brands Company, a portfolio company of Yellow Wood Partners, will also see Haleon receive a "passive minority interest" in the purchasing entity.

Markets

08:20

FTSE 100 7,515 (-0.16%)

FTSE 250 19,117 (-0.29%)

DAX 16,844 (-0.27%)

the close

Dow Jones 37,806 (-0.26%)

S&P 500 4,868 +0.08%

NASDAQ 15,481 +0.36%

Fixed Income

UK 10-YR YIELD 4.047

Exchange Rates

GBP/USD 1.272

GBP/EUR 1.168

Commodities

Gold $2,013 (-0.02%)

Brent $80.55 +0.78%

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.