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11/06/24 Briefing

Wall Street followed the FTSE 100 (^FTSE) and European stocks lower on Tuesday as investors awaited the next interest rate decision by the Federal Reserve. Markets are also readying for Wednesday’s release of the consumer prices index for May, alongside the conclusion of the Fed’s two-day policy meeting.

It also came as the UK unemployment rate unexpectedly climbed to its highest level in two and a half years.

According to the Office for National Statistics (ONS), the rate rose to 4.4% from February to April this year, up from the previous figure of 4.3% and the highest since September 2021.

The number of people in work has fallen by 139,000 to 32.97 million. Meanwhile, wage growth also remained strong, with regular earnings (excluding bonuses) rising at an annual pace of 6%.

  • London’s benchmark index was 1% lower in afternoon trade, its biggest one-day drop since 16 April

  • Germany's DAX (^GDAXI) fell 0.6% and the CAC (^FCHI) in Paris headed 1.3% into the red as traders were spooked by the political turmoil in France

  • The pan-European STOXX 600 (^STOXX) closed down 0.9% on the day

  • Wall Street opened lower as traders worry that the US central bank may not cut interest rates as soon as hoped

  • The pound was almost 0.1% higher against the US dollar (GBPUSD=X), trading at 1.2737

  • Apple debuts Apple Intelligence AI platform for iPhone, Mac

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