Market Report

19th August 2019 at 4:53 pm

UK and European stocks rose as hopes emerged for stimulus from central banks and fiscal measures from major economies such as China and Germany.

US Stocks rose sharply as Treasury yields rebounded, quelling fears of a possible recession. Equities also got a boost after the US agreed to extend a temporary reprieve to Chinese telecom giant Huawei.

The euro advanced after registering its biggest weekly drop in nearly two months as risk appetite gradually returned to global markets after a week of turmoil, though investors were still wary about the near term outlook for the single currency.

Crude oil prices rose following a weekend attack on a Saudi oil facility by Yemeni separatists and as traders looked for signs of progress in US-China trade negotiations.

Gold was lower as a recovery in share markets and rising US Treasury yields reduced some of the metal’s safe-haven appeal, prompting investors to book profits.

In equity markets, miners Antofagasta and Glencore were trading up amid higher copper prices.

Sainsbury’s was higher after the Sunday Telegraph reported that the supermarket chain has kicked off a search for a successor to chief executive officer Mike Coupe, with three internal candidates said to be tipped for the top job. However, Sainsbury’s downplayed the report, telling the Times on Sunday that it was not talking to internal candidates about succession planning.

Ocado gained ground after JPMorgan nudged up its price target on the stock.

Georgia’s TBC Bank rallied after saying it was buying a 65% stake in domestic e-commerce company My-ge for GEL 19.45m (£5.47m) in cash, valuing the company at £29.93m.

Safestore gained as it said it was forming a joint venture with Carlyle European Real Estate Fund, to acquire M3 Self Storage, which operates six prime storage locations in Amsterdam and Haarlem in the Netherlands.

 

 

Markets
At the close
FTSE 100   7,189   +1.02%
FTSE 250   19,097   +1.47%
DAX   11,715   +1.32%
At 16:45
Dow Jones   26,183   +1.15%
S&P 500   2,924   +1.25%
NASDAQ   8,012   +1.47%

 

 

Fixed Income
UK 10-YR YIELD   0.47

 

 

Exchange Rates
GBP/USD   1.215
GBP/EUR   1.095

 

 

Commodities
Gold   $1,500   (-0.77%)
Brent   $59.34   +1.16%