Wednesday,08 March 2023 08:31:21

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Wednesday,08 March 2023 at 08:34

UK & European markets opened lower as investors react to the latest comments from the U.S. Federal Reserve’s Chairman Jerome Powell indicating interest rates may need to go higher for longer.

Asia-Pacific shares were mixed as traders digested Federal Reserve Chair Jerome Powell’s congressional testimony on Tuesday and Wednesday.

Oil prices steadied as industry data showed a draw in U.S. crude oil inventories, after the market tumbled in the previous session on fears more aggressive U.S. interest rate hikes would hit demand.

Gold prices rose marginally.

In corporate news, Tullow Oil annual profits almost doubled as the company cashed in on higher oil and gas prices sparked by the war in Ukraine.

Gross profit for 2022 almost doubled to $1.08bn, on a 40% rise in revenue to £1.78bn with group production in line with guidance.

Markets

At 08:15

FTSE 100 7,902 (-0.22%)

FTSE 250 19,859 (-0.48%)

DAX 15,533 (-0.16%)

At the close

Dow Jones 32,856 (-1.72%)

S&P 500 3,986 (-0.47%)

NASDAQ 11,530 (-1.25%)

Fixed Income

UK 10-YR YIELD 3.855

Exchange Rates

GBP/USD 1.182

GBP/EUR 1.121

Commodities

Gold $1,813 +0.05%

Brent $83.10 +0.01%

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.