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Thursday,02 May 2024 at 15:44

UK & European stocks were slightly lower as global markets reacted to the U.S. Federal Reserve’s latest monetary policy decision and a slew of corporate earnings.

The dollar was on the back foot as Fed Chair Jerome Powell confirmed the central bank’s easing bias, even as he reiterated that sticky inflation meant interest rate cuts may be a while in coming.

Oil edged back towards the previous day's seven-week low, paring earlier gains, after U.S. data pointed to persistent labour market strength and further dimmed prospects of an early decline in U.S. interest rates.

Gold prices edged higher for a second straight session after the Federal Reserve indicated that it is still leaning toward eventual rate cuts, while investors’ focus pivoted toward the U.S. non-farm payrolls data.

Oil and gas giant Shell gushed higher as it reported a 15% jump in earnings in the first three months of the year compared with the final quarter of the year, on the back of higher margins from crude and oil products trading. It also unveiled a new $3.5bn share buyback.

Adjusted earnings rose 6% to $7.7bn for the first three months of the year, smashing estimates of $6.5bn but lower than the $9.6bn reported in the first three months of 2023 as energy companies cashed in on surging oil and gas prices.

the close
FTSE 100 8,172 +0.63%
FTSE 250 20,052 +0.63%
DAX 17,917 (-0.08%)
Dow Jones 38,088 +0.49%
S&P 500 5,036 +0.37%
NASDAQ 15,714 +0.70%
Fixed Income
UK 10-YR YIELD 4.287
Exchange Rates
GBP/USD 1.250
GBP/EUR 1.167
Gold $2,302 (-0.64%)
Brent $83.42 (-0.14%)
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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