Market Prognosis

A concise summary of the major macro events of the past 24 hours, and selected UK company-specific news.

<< Back to Market PROGnosis archive

June 4, 2024

US slowdown fears reflected in oil price weakness

Macro

Oil prices fell sharply yesterday, with Brent crude trading below $78, its lowest level since early February.

US ISM manufacturing output data was weaker than expected, adding to fears of a US slowdown.

There are signs of increased market volatility, with the Indian equity market pulling back after yesterday’s sharp gains.

In the US, the Gamestop price surged again on further Reddit posts.

UK Companies

Raspberry Pi took a step closer to listing the UK’s first significant IPO for a while, confirming a valuation of £540m.

There is also increasing conviction that the Chinese online fashion giant will seek its listing in London. A £50bn valuation would make it the 12th largest UK-listed company.

Gooch & Housego FY expectations are unchanged; execution risks to H2 remain but have reduced.

This communication is provided for information purposes only, and is not a solicitation or inducement to buy, sell, subscribe, or underwrite securities or units. Investors should seek advice from an Independent Financial Adviser or regulated stockbroker before making any investment decisions. Progressive Equity Research Ltd (“PERL”) does not make investment recommendations.

Opinions contained in this communication represent those of PERL and/or our affiliates at the time of publication and PERL does not undertake to provide updates to any opinions or views expressed. PERL does not hold any positions in the securities mentioned in this communication, however, PERL’s directors, officers, employees, contractors and affiliates may hold a position,  and/or may perform services or solicit business from, any of the companies or related securities mentioned.

Any prices quoted in our research are as at the previous day’s close.