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Wednesday,20 January 2021 at 17:10

UK and European stocks closed higher, ahead of the inauguration of President-elect Joe Biden.

The dollar edged higher against the euro as the risk of extended lockdowns in Europe to combat the spread of COVID-19 and worries about the pace the rollout of vaccines weighed on the common currency.

Oil prices rose, on expectations the incoming U.S. administration will go ahead with massive stimulus spending that would boost fuel demand and draw down crude stocks.

Gold rose ahead of U.S. President-elect Joe Biden’s inauguration, extending gains after his nominee to head the Treasury Department, Janet Yellen, bolstered bets for another pandemic-related stimulus package.

In corporate news, Pearson was the standout gainer as it said sales and profit for the full year were in line with expectations despite the additional impact of Covid-19 in the fourth quarter.

Burberry also gained after its sales fell in the third quarter as the impact of Covid-19 and fewer price cuts offset strong sales of full-price items boosted by its association with footballer Marcus Rashford.

Markets
At the close
FTSE 100 6,740 +0.41%
FTSE 250 20,881 +1.35%
DAX 13,921 +0.77%
At 17:00
Dow Jones 31,122 +0.62%
S&P 500 3,841 +1.11%
NASDAQ 13,424 +1.73%
Fixed Income
UK 10-YR YIELD 0.30
Exchange Rates
GBP/USD 1.365
GBP/EUR 1.127
Commodities
Gold $1,867 +1.49%
Brent $56.31 +0.66%
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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