Tuesday,06 February 2024 16:42:28

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Tuesday,06 February 2024 at 16:42

UK and European markets were higher Tuesday as investor confidence remains robust despite the lack of a clear timetable for interest rate cuts.

In the US, Wall Street's main indexes inched higher on Tuesday as investors parsed big-ticket earnings and awaited commentary from policymakers for clues on the timing of the Federal Reserve's first interest-rate cut.

Gold regained some ground on Tuesday on a slight pullback in the U.S. dollar and Treasury yields, while traders positioned for remarks from several Federal Reserve officials this week to gauge the likely pace of interest rate cuts this year.

Oil prices were little moved on Tuesday, as market participants assessed a visit to the Middle East by U.S. Secretary of State Antony Blinken to discuss a ceasefire offer in the region.

In corporate news, US pharmaceutical company Eli Lilly reported stronger than expected results on the strong launch of its new weight loss drug, Zepbound.

The quarterly results are the first to include sales of Zepbound, which some analysts say could post more than a billion dollars in sales in its first year on the market and eventually, become the biggest drug of all time.

Markets

the close

FTSE 100 7,681 +0.90%

FTSE 250 19,171 +0.80%

DAX 17,042 +0.82%

16:40

Dow Jones 38,461 +0.21%

S&P 500 4,946 +0.07%

NASDAQ 15,584 (-0.08%)

Fixed Income

UK 10-YR YIELD 3.956

Exchange Rates

GBP/USD 1.259

GBP/EUR 1.171

Commodities

Gold $2,036 +0.61%

Brent $78.71 +1.12%

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.