Friday,02 February 2024 16:42:36

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Friday,02 February 2024 at 16:48

UK and European stocks gave back much of Friday’s gains by early afternoon, as markets reacted to a surprisingly strong U.S. jobs report.

The U.S. dollar index jumped after data showed that employers added far more jobs in January than expected, reducing the chances of near-term Federal Reserve interest rate cuts.

Oil prices dipped slightly despite the OPEC+ group’s decision to leave its production policy unchanged.

Gold prices slipped as the dollar and yields jumped following a strong U.S. nonfarm payrolls report, which created some uncertainty about whether the Federal Reserve might start cutting interest rates soon.

Superdry shares rocketed on Friday after it said chief executive Julian Dunkerton is considering making an offer for the fashion brand and is currently in talks with potential sources of finance.

Shares in the company had already surged on Thursday and earlier on Friday, after it emerged that Norwegian alternative investment fund First Seagull had taken a 5.3% stake.

"These discussions are at a preliminary stage and no decisions have been made,” Superdry said.

Markets

At the close

FTSE 100 7,615 (-0.09%)

FTSE 250 19,172 +0.22%

DAX 16,905 +0.28%

At 16:45

Dow Jones 38,526 +0.02%

S&P 500 4,944 +0.79%

NASDAQ 15,564 +1.32%

Fixed Income

UK 10-YR YIELD 3.929

Exchange Rates

GBP/USD 1.263

GBP/EUR 1.171

Commodities

Gold $2,035 (-0.91%)

Brent $77.58 (-1.54%)

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.