Monday,11 December 2023 08:22:29

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Monday,11 December 2023 at 08:26

UK & European markets opened modestly higher, tracking Friday’s positive close stateside on the back of a strong round of economic data.

China’s stocks reversed course to rise after data showing persistent deflationary pressures from weak domestic demand pushed them lower earlier in the session.

Gold prices slipped as the dollar held firm, with investors looking forward to several major central bank meetings and U.S. inflation data release this week for more clarity on the interest rate trajectory.

Oil prices inched higher, extending gains for a second session as U.S. efforts to replenish strategic reserves provided some support, although concerns of crude oversupply and softer fuel demand growth next year lingered.

In corporate news, troubled music rights investor Hipgnosis Songs Fund said it had sold around 20,000 songs for $23.1m, a 14.2% discount to valuation at the end of September.

"The non-core songs, require-time intensive ongoing accounting and reporting obligations and do not all have perpetual ownership rights," the company said in a statement, adding that the sale represents about 1% of the company's investment portfolio by value.

Markets

At 08:15

FTSE 100 7,531 (-0.31%)

FTSE 250 18,695 (-0.04%)

DAX 16,762 +0.02%

At the close

Dow Jones 36,247 +0.36%

S&P 500 4,604 +0.41%

NASDAQ 14,403 +0.45%

Fixed Income

UK 10-YR YIELD 4.068

Exchange Rates

GBP/USD 1.254

GBP/EUR 1.166

Commodities

Gold $1,995 (-0.47%)

Brent $76.35 +0.67%

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.