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Tuesday,17 November 2020 at 17:15

UK and European stocks closed lower despite a backdrop of more positive coronavirus vaccine news from Moderna on Monday.

The dollar fell as the outlook for the currency remained downbeat with the Federal Reserve and U.S. Congress poised to do more to ease COVID-19′s economic damage.

Oil prices fell after being buoyed yesterday by expectations that OPEC+ producers would keep supplies tight.

Gold steadied as a weaker dollar and concerns about mounting coronavirus cases and its impact on the economy were countered by optimism about the race to deliver a vaccine.

In corporate news, IAG moved lower following a report it has managed to cut the price of its acquisition of Spanish airline Air Europa to between €300m and €400m. The deal for the low-cost carrier was originally slated at €1bn last year, but has been delayed due to the coronavirus pandemic.

Experian was also down after it posted a decline in first-half profits despite organic sales growth in the Americas, as the pandemic hammered other regions.

On the upside, Intermediate Capital was the standout gainer as it posted a sharp rise in first-half profits amid strong demand for its funds and a recovery in portfolio valuations across the period.

At the close
FTSE 100 6,365 (-0.87%)
FTSE 250 19,516 (-0.47%)
DAX 13,133 (-0.04%)
At 17:00
Dow Jones 29,766 (-0.61%)
S&P 500 3,612 (-0.41%)
NASDAQ 11,894 (-0.25%)
Fixed Income
UK 10-YR YIELD 0.33
Exchange Rates
GBP/USD 1.324
GBP/EUR 1.116
Gold $1,885 (-0.12%)
Brent $43.38 (-1.18%)
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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