Tuesday,16 January 2024 16:47:06

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Tuesday,16 January 2024 at 16:47

UK & European shares traded lower while the British pound weakened against other major currencies after data showed that that the U.K. average earnings grew less-than-expected for three months ending November.

The dollar rallied as investors tempered their expectations for a March rate cut from the Federal Reserve, while the pound and yen dropped as inflationary pressures subsided.

Oil prices fell, as investors monitored the impact of tensions in the Middle East.

Gold prices slid, pressured by a firm U.S. dollar and Treasury yields, while investors eyed remarks from several Federal Reserve officials this week to assess the likelihood of the central bank’s interest rate cuts in the year.

Morgan Stanley reported a slide in fourth-quarter income on Tuesday, as costs in its core wealth management division jumped.

The Wall Street bank reported net revenues of $12.9bn in the three months to 31 December, compared to $12.7bn a year previously.

Pre-tax income declined, however, to $2.1bn from $2.8bn, while net income fell to $1.5bn from $2.2bn.

Markets

the close

FTSE 100 7,558 (-0.48%)

FTSE 250 19,193 (-0.04%)

DAX 16,556 (-0.39%)

16:45

Dow Jones 37,421 (-0.46%)

S&P 500 4,776 (-0.15%)

NASDAQ 14,978 +0.04%

Fixed Income

UK 10-YR YIELD 3.802

Exchange Rates

GBP/USD 1.266

GBP/EUR 1.163

Commodities

Gold $2,034 (-1%)

Brent $78.58 (-0.08%)

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.