UK’s FTSE 100 hits record high
Platinum price falls 3%
The spot price of platinum fell more than 3% to hit $999.15 per ounce at around 3 p.m. London time on Friday.
The precious metal pared gains made in January, when the spot price increased more than 2%.
Graph to show price of platinum.
Investment bank UBS raised its quarterly forecast for platinum to $1,100 per ounce for June, $1,150 in September and $1,200 for December.
The bank anticipates demand for platinum will increase as more of the metal is expected to be used in diesel vehicle catalysts.
Precious metal prices skyrocketed in 2022 following the invasion of Ukraine, with Russia being the world’s largest exporter of palladium and one of the biggest exporters of platinum and silver.
— Hannah Ward-Glenton
Balancing books essential to the survival of France’s pension system, lawmaker says
Alexandre Holroyd of the Renaissance political party discusses the country’s pension reform plan and what he says is the “responsible thing to do.”
January jobs report blows past expectations
PMI shows euro zone business activity returning to growth
The January Purchasing Managers’ Index for the euro zone recorded a return to business activity growth.
It comes after figures showed the bloc narrowly avoided contraction in the fourth quarter and European Central Bank President Christine Lagarde said the euro zone economy had proven more resilient than expected and risks were reducing.
The latest composite PMI spanning manufacturing and services came in at 50.3, up from 49.3 in December, the first time it has been above 50 since June.
S&P Global Market Intelligence, which compiles the survey, said it was a sign the euro zone could dodge a recession.
— Jenni Reid
Signals coming from bond market at odds with what’s happening with stock market: Strategist
“This tightening was done on planet earth, not on planet mars,” and it will therefore affect the economy, says Salman Ahmed, global head of macro and strategic asset allocation at…
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