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The latest news moving markets in London today
Tuesday, June 11, 2024 4:45 am
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A group of Conservative peers has called on the FCA to suspend its plans to “name and shame” companies under investigation
The latest updates on the FTSE 100 and London’s financial markets from the City AM newsroom in the heart of the City of London.
US stock markets have reached new all-time highs. Overnight, the Dow Jones Industrial Average rose 0.18 percent to 38,868.04, while the S&P 500 rose 0.26 percent to 5,360.79 and the Nasdaq Composite advanced 0.35 percent to 17,192 .53.
The rise of the S&P 500 was driven primarily by gains in the utilities and energy sectors, and the tech-heavy Nasdaq Composite was boosted by improvements in five of the Magnificent Seven stocks.
Southwest Airlines posted a significant 7% jump after activist investor Elliott Investment Management announced a $1.9 billion stake in the company.
Shares in Diamond Offshore Drilling soared 10.9 percent following news that oilfield services company Noble would acquire it in a $1.59 billion deal, leading to a 6.1 percent rise in shares. from Noble.
In Asia, Chinese blue chips CSI300 fell 0.7 percent, Japan’s Nikkei 225 rose 0.3 percent and South Korea’s KS11 rose 0.5 percent. European markets saw EUROSTOXX 50 futures gain 0.2%, stabilizing after a decline on Monday.
The UK FTSE 100 fell 0.2 percent, and the mid-cap FTSE 250 fell 0.5 percent for the second session in a row. Futures suggest a quiet start to Tuesday, with FTSE 100 futures remaining roughly flat at 8,235.5.
S&P 500 and Nasdaq futures fell 0.1% in Asian trading after small gains on Monday.
Gold prices remained just above one-month lows at $2,306 an ounce, influenced by changing market expectations regarding US interest rate cuts.
Oil prices rose on Tuesday, supported by expectations of increased seasonal fuel demand and potential purchases of U.S. crude oil for reserves despite a stronger dollar. Brent crude futures rose 0.3% to $81.91 per barrel, while U.S. West Texas Intermediate crude futures rose 0.4% to $78.05.
Apple has partnered with OpenAI to integrate ChatGPT into its devices, an important step towards adopting AI. However, Wall Street’s response was lukewarm as investors expected more to compete with Microsoft. As a result, Apple shares fell nearly 2%, despite rising 13% before the announcement.
Australian business conditions fell below their long-term average due to slower sales and profit growth in May, according to a NAB survey. The business conditions index fell to +6 and the business confidence index fell to -3, while cost pressures began to rise again.
In the UK, Tuesday’s jobs report will assess wage pressures and potential rate cuts from the Bank of England, while Wednesday’s GDP data could reveal a slowdown after strong growth in the first quarter.
This week brings big interest rate decisions. The US Federal Reserve is expected to keep rates between 5.25% and 5.5%, while the Bank of Japan is expected to keep rates stable between 0% and 0.1%.
US inflation data for May, expected before the Fed’s announcement on Wednesday, could signal future rate cuts if they reflect continued easing in the face of the economic slowdown.
Market focus also shifts to oil supply reports from the U.S. Energy Information Administration and OPEC on Tuesday, followed by the International Energy Agency’s report on Wednesday.
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