Wednesday,07 February 2024 08:40:38

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Wednesday,07 February 2024 at 08:40

UK & European markets opened mixed amid ongoing uncertainty over the rate cut outlook.

Asia-Pacific stocks were mostly higher as investors assessed corporate earnings and China’s efforts to bolster its market.

Gold prices were slightly lower.

Oil prices ticked higher, as growth in U.S. oil production is expected to remain largely steady through 2025, easing worries of excess supply.

In corporate news, housebuilders Barratt Developments and Redrow said they had agreed an all-share merger valuing the latter at £2.5bn.

Under the terms of the deal, Redrow investors will receive 1.44 new Barratt shares for their own stock which would leave them with 32.8% of the combined group and Barratt shareholders with the remainder.

The terms also imply a premium of 27.2% to the closing price per Redrow share of 600p on February 6.

Markets

At 08:15

FTSE 100 7,679 (-0.01%)

FTSE 250 19,159 (-0.06%)

DAX 17,012 (-0.13%)

At the close

Dow Jones 38,521 +0.37%

S&P 500 4,954 +0.23%

NASDAQ 15,609 +0.07%

Fixed Income

UK 10-YR YIELD 3.979

Exchange Rates

GBP/USD 1.261

GBP/EUR 1.172

Commodities

Gold $2,033 (-0.12%)

Brent $78.76 +0.06%

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.