Thursday,16 March 2023 17:17:09

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Thursday,16 March 2023 at 17:19

UK and European stock markets closed higher after a choppy session during which the European Central Bank said it would hike interest rates by 50 basis points despite recent volatility in the region’s banks.

U.S. stocks were rallying in early afternoon trade as reports swirled troubled bank First Republic (FRC) is in talks with multiple larger banks on a takeover, which could potentially forestall what investors feared would be the fourth U.S. bank to fail in less than two weeks.

Oil prices extended losses, trading near 15-month lows, after the European Central Bank (ECB) raised interest rates and as fears of a global banking crisis weighed on the demand outlook.

Gold gained, bouncing towards last session’s month-and-a-half peak as concerns about the banking crisis continue after the European Central Bank hiked interest rates despite the ongoing financial stability risks.

In corporate news, Ceres Power announced on Wednesday that it will be collaborating with Linde Engineering and Robert Bosch to validate the performance, cost, and operational functionality of its SOEC technology.

The AIM-traded firm said the collaboration would involve preparing a two-year demonstration of a one-megawatt SOEC system, which was set to begin in 2024 and would be located at a Bosch site in Stuttgart, Germany.

Markets

At the close

FTSE 100 7,410 +0.89%

FTSE 250 18,758 +0.71%

DAX 14,967 +0.89%

At 17:00

Dow Jones 32,193 +1.01%

S&P 500 3,952 +1.56%

NASDAQ 11,680 +2.14%

Fixed Income

UK 10-YR YIELD 3.438

Exchange Rates

GBP/USD 1.210

GBP/EUR 1.140

Commodities

Gold $1,918 +0.03%

Brent $75.14 +1.25%

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.