Tuesday,07 March 2023 17:03:58

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Tuesday,07 March 2023 at 17:06

UK and European markets fell as traders followed Jerome Powell’s congressional testimony.

US stocks sold off sharply after comments from Federal Reserve Chair Jerome Powell suggested that rates may need to go higher for longer, fuelling fears of a potentially larger rate hike at the central bank’s next policy meeting.

Oil prices edged lower as a stronger U.S. dollar and weak oil data from top crude importer China shifted the momentum after five days of gains.

Gold eased after Powell’s testimony to congress and ahead of the February U.S. jobs report due on Friday.

Wood Group said on Tuesday that it was 'minded to reject' a fourth takeover approach from Apollo Global Management as it undervalues the business.

Apollo made a fourth proposal at 237p per share in cash on 6 March.

"The board believes this latest proposal continues to undervalue the group and is therefore minded to reject," Wood Group said in a brief statement.

"The board will continue to engage with its shareholders and intends to engage further, on a limited basis, with Apollo."

Markets

At the close

FTSE 100 7,919 (-0.13%)

FTSE 250 19,956 (-0.54%)

DAX 15,559 (-0.60%)

At 17:00

Dow Jones 33,072 (-1.07%)

S&P 500 4,003 (-1.10%)

NASDAQ 11,579 (-0.82%)

Fixed Income

UK 10-YR YIELD 3.826

Exchange Rates

GBP/USD 1.185

GBP/EUR 1.120

Commodities

Gold $1,819 (-1.52%)

Brent $83.79 (-2.81%)

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.