Thursday,02 February 2023 17:11:34

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Thursday,02 February 2023 at 17:13

The UK avoided falling into recession at the end of last year, according to the Bank of England, and faces a shorter and shallower recession than previously forecast.

The economy is now expected to have eked out growth of 0.1pc in the final three months of 2022, the Bank said, compared with a previous prediction for a slight fall.

The Bank now sees Britain facing a shorter and shallower recession than the one suffered during the 1990s, with five straight quarters of falling output that will leave the economy 1pc smaller over the next year.

UK and European markets closed higher as investors digested interest rate hikes by European central banks and the latest move by the U.S. Federal Reserve.

U.S. stocks were mixed, highlighted by a vault upward by tech stocks following the Federal Reserve’s latest interest rate hike and ahead of another batch of earnings from the tech industry's biggest players.

Oil prices were steady after tumbling in the previous session as a weaker dollar boosted sentiment, though looming sanctions on Russian oil products added uncertainty over supply.

Gold prices extended gains to touch their highest in more than nine months.

Markets

At the close

FTSE 100 7,820 +0.76%

FTSE 250 20,614 +3.60%

DAX 15,509 +2.16%

At 17:15

Dow Jones 33,963 (-0.38%)

S&P 500 4,174 +1.34%

NASDAQ 12,153 +2.86%

Fixed Income

UK 10-YR YIELD 3.003

Exchange Rates

GBP/USD 1.226

GBP/EUR 1.122

Commodities

Gold $1,917 (-1.66%)

Brent $82.88 (-0.12%)

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.