Wednesday,14 February 2024 16:49:59

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Wednesday,14 February 2024 at 16:56

UK and European markets closed higher as UK inflation data held steady. The Consumer Price Index rose 4% in the 12 months to end January, unchanged on December. Analysts had been expecting a rise to 4.2%.

US stocks recovered after Tuesday’s worst inflation-day drop for the S&P Index since September 2020. However, yesterday’s setback did little to deter investors riding bets on an eventual Fed pivot to easier policy.

Gold prices remained below the key $2,000 per ounce level as markets continued to tone down their rate-cut bets.

Oil prices were relatively flat on sticky inflation and after a US industry group reported crude stocks rose more than expected last week.

In corporate news, Uber Technologies Inc unveiled a $7 billion buyback plan to return capital to shareholders after reporting its first full year of operating profit and consistent positive free cash flow in 2023. The repurchase plan ‘is a vote of confidence in the company’s strong financial momentum’ Chief Financial Officer Prashanth Mahendra-Rajah commented. The stock jumped over 12% and has more than doubled over the past 12 months. The capital allocation programme marked another milestone of financial health for the San Francisco-based ride sharing and delivery company as it racked up $30 billion in accumulated deficits over years of freewheeling spending as it sought to gain market share and push into new markets.

Markets

the Close

FTSE 100 7,559 +0.63%

FTSE 250 19,029 +0.56%

DAX 16,945 +0.38%

16:35

Dow Jones 38,293 +0.05%

S&P 500 4,966 +0.28%

NASDAQ 15,700 +0.30%

Fixed Income

UK 10-YR YIELD 4.055

Exchange Rates

GBP/USD 1.255

GBP/EUR 1.169

Commodities

Gold $1,991 (-0.07%)

Brent $82.39 (-0.17%)

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.