Tuesday,20 February 2024 16:38:41

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Tuesday,20 February 2024 at 16:46

UK & European markets fell back slightly as sentiment struggled and mining stocks came under pressure amid ongoing worries about China’s economy and a slump in global metal prices.

Oil prices hovered around a three-month high as Middle East conflict rages on.

The US market declined after Monday’s public holiday amid growing conviction the Federal Reserve will hold interest rates higher for longer to curb a resilient economy.

The widely anticipated earnings report from Nvidia Corp. due Wednesday also weighed on investors sentiment and would be closely scrutinised for prospects of Artificial Intelligence. With the market heavily reliant on a narrow range of large-cap growth stocks any disappointment here could well trigger some pullback risk.

Gold reached a one-week high on a softer US Dollar and as it found renewed traction on safe-haven flows.

In corporate news:

Capital One Financial Corp, the US lender backed by Warren Buffett, agreed to buy Discover Financial Services in a $35 billion all-stock deal to create the largest US credit card company by loan volume. The purchase of Discover ranks as the biggest merger globally this year and brings together two storied consumer-finance brands, a combination that will surpass rivals JP Morgan Chase & Citigroup Inc. by US credit-card loan volume.

Markets

The Close

FTSE 100 7,718 (-0.12%)

FTSE 250 19,093 (-0.64%)

DAX 17,080 (-0.07%)

16:35

Dow Jones 38,633 +0.02%

S&P 500 4,976 (-0.58%)

NASDAQ 15,601(-1.11%)

Fixed Income

UK 10-YR YIELD 4.057

Exchange Rates

GBP/USD 1.265

GBP/EUR 1.169

Commodities

Gold $2,028 +0.52%

Brent $82.18 (-0.67%)

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.