Market Prognosis

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

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June 4, 2024

US slowdown fears reflected in oil price weakness


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.

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