Thursday,08 February 2024 16:24:45

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Thursday,08 February 2024 at 16:34

UK stocks moved lower Thursday, giving up earlier gains as investors were mulling the latest data out of China, which showed that deflation accelerated at its fastest pace in 15 years in January.

U.S. stocks opened flat after the S&P 500 finished the regular session on the brink of the 5,000 milestone. Investors will monitor fresh U.S. jobless claims data on Thursday to gauge the health of the labour market.

Gold prices eased on Thursday as the dollar ticked higher, with investors awaiting more cues on the timing of the U.S. Federal Reserve’s first interest rate cut this year, while palladium prices dropped to a fresh five-year low as demand concerns persist.

Oil prices rose on Thursday after Israel rejected a ceasefire offer from Hamas, as talks continued to try to end the Gaza conflict and wider Middle East tensions that have kept the market on edge since October.

In corporate news, packaging company DS Smith surged after confirming it has received "a highly preliminary expression of interest" from rival Mondi.

"“The board of DS Smith understands that Mondi is considering a possible offer for DS Smith although no proposal has been received at this stage," it said in a brief statement.

Peer Smurfit Kappa also racked up strong gains.

Markets

the close

FTSE 100 7,594 (-0.45%)

FTSE 250 19,109 +0.03%

DAX 16,989 +0.28%

16:35

Dow Jones 38,587 (-0.23%)

S&P 500 4,992 (-0.06%)

NASDAQ 15,800 +0.28%

Fixed Income

UK 10-YR YIELD 4.066

Exchange Rates

GBP/USD 1.261

GBP/EUR 1.171

Commodities

Gold $2,030 (-0.22%)

Brent $81.10 +2.24%

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.