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Wednesday,08 March 2023 at 17:11

UK and European markets closed slightly higher as U.S. Federal Reserve Chairman Jerome Powell indicated interest rates may need to go higher for longer.

U.S. stocks struggled for direction during the trading session, following two labour prints that showed the labour market remains tight amid sticky inflation.

Oil prices edged lower.

Gold steadied near a one-week low after Federal Reserve Chair Jerome Powell signalled further interest rate hikes

The owner of Wagamama, Restaurant Group, said on Wednesday that it plans to cut its leisure estate by around 30% as it posted a widening of its full-year losses in a "challenging" market.
The company plans to cut its sites from 116 to about 75 by 2024 amid ongoing inflationary pressures.
It pointed to "unprecedented cost pressures", particularly in elevated levels of food and drink and energy inflation.

At the close
FTSE 100 7,929 +0.13%
FTSE 250 19,851 (-0.52%)
DAX 15,631 +0.46%
At 17:00
Dow Jones 32,832 (-0.07%)
S&P 500 3,998 +0.30%
NASDAQ 11,593 +0.55%
Fixed Income
UK 10-YR YIELD 3.772
Exchange Rates
GBP/USD 1.183
GBP/EUR 1.121
Gold $1,816 +0.21%
Brent $82.40 (-0.84%)
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.

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