Monday,11 December 2023 17:01:04

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Monday,11 December 2023 at 17:01

UK and European markets closed higher as global investors look ahead to this week’s Federal Reserve policy meeting.

The U.S. dollar jumped against Japan’s yen after a report said the Bank of Japan saw little need to end negative interest rates in December, contrary to some investors’ expectations.

Oil prices dipped as worries persisted around crude oversupply despite OPEC+ cuts and softer fuel demand growth next year.

Gold prices declined pressured by a firm U.S. dollar, as investors look ahead to several major central bank meetings and U.S. inflation data this week for further clarity on the interest rate path.

Troubled music rights investor Hipgnosis Songs Fund on Monday said it had sold around 20,000 songs for $23.1m, a 14.2% discount to valuation at the end of September in order to raise cash to pay down debt.

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 the close

FTSE 100 7,554 (-0.13%)

FTSE 250 18,750 +0.26%

DAX 16,794 +0.21%

At 16:55

Dow Jones 36,351 +0.28%

S&P 500 4,606 +0.04%

NASDAQ 14,351 (-0.36%)

Fixed Income

UK 10-YR YIELD 4.080

Exchange Rates

GBP/USD 1.254

GBP/EUR 1.167

Commodities

Gold $1,981 (-1.14%)

Brent $75.87 +0.04%

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.