Tuesday,06 February 2024 08:32:17

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Tuesday,06 February 2024 at 08:31

UK & European markets opened higher as investor confidence remains robust despite the lack of a clear timetable for interest rate cuts.

China and Hong Kong stocks surged as authorities in the world’s second-largest economy took measures to arrest a recent sell-off in its equities, while most Asia-Pacific markets declined.

Gold prices lingered near their lowest level in almost two weeks, pressured by a firmer dollar and elevated Treasury yields, as traders lowered expectations of aggressive interest rate cuts by the U.S. Federal Reserve this year.

Oil prices were little moved in early trading, as market participants assessed a visit to the Middle East by U.S. Secretary of State Antony Blinken to discuss a ceasefire offer in the region.

In corporate news, oil giant BP announced a $1.75bn share buyback despite a slump in annual profits.

The company said underlying replacement cost profit for 2023 halved to $13.8bn from $27.6bn a year earlier. Looking ahead, it expects first quarter 2024 reported upstream production to be higher compared to the final three months of the 2023.

Markets

At 08:15

FTSE 100 7,687 +0.98%

FTSE 250 19,094 +0.40%

DAX 16,945 +0.25%

At the close

Dow Jones 38,380 (-0.71%)

S&P 500 4,942 (-0.32%)

NASDAQ 15,597 (-0.20%)

Fixed Income

UK 10-YR YIELD 4.002

Exchange Rates

GBP/USD 1.256

GBP/EUR 1.167

Commodities

Gold $2,025 +0.08%

Brent $78.17 +0.42%

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.