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Monday,12 February 2024 at 16:58
February 2024 16:40 GMT
UK and European markets
were subdued Monday in quieter trade with a thin week in
prospect for the UK with the Mid-Term holiday.
continued to riseafter the S&P 500 notched
a record high last Friday on optimism about eventual Federal Reserve
interest rate cuts and easing inflation.
The next pressure point for markets is Tuesday’s consumer price index
report. The annual US inflation rate is forecast to have
dropped to 2.9% in January from 3.4% the prior month and would be the
first reading below 3% since March 2021.
were flattishafter some initial profit-taking
following last week’s rally which saw prices lift 6% higher on
increased tensions within the Middle East.
relatively muted price actionas markets continued to
seek greater clarity on Fed rate cuts and awaited comments from
Federal Reserve officials due later in the week.
In corporate news, Diamondback
Energy Inc agreed to buy fellow Texas oil-and-gas
Energy Resources LP in a $26 billion cash-and-stock
deal to create the largest operator focused on the prolific Permian
The agreement is the latest in a string of massive deals transforming
the US energy sector landscape over recent months as companies push
to line up future drilling sites and cut costs.
The consolidation marks a maturing of the long-fragmented shale
industry, which has traditionally had few players of significant size
and struggled to attract mainstream investors. It comes as oil
remains in high demand globally despite efforts to transition away
from it, with consumption expected to rise through 2030 – and perhaps
FTSE 100 7,573 +0.31%
FTSE 250 19,203 +0.74%
DAX 19,203 +0.74%
Dow Jones 38,818 +0.38%
S&P 500 5,041 +0.30%
NASDAQ 16,056 +0.42%
UK 10-YR YIELD 4.063
Gold $2,015 (-0.43%)
Brent $81.61 (-0.17%)
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.