Thursday,15 August 2024 16:38:58

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Thursday,15 August 2024 at 15:36

Investors shrugged off mixed economic activity data from China and eyed U.S. reports on weekly jobless claims, retail sales and industrial production later in the day for more insights about the health of the world's largest economy.

Meanwhile, official data showed the U.K. economy expanded again in the second quarter, but the pace of growth moderated slightly due to the contractions in industrial and construction output.

U.S. stocks moving sharply higher on upbeat retail sales data extending the upward trend seen over the past several sessions, stocks have moved sharply higher during trading on Thursday. The major averages have all moved to the upside, with the Nasdaq and the S&P 500 moving higher for the sixth consecutive session.

Oil prices traded higher as rate cut optimism helped offset a mixed set of economic activity data from China.

Gold prices edged higher as softer U.S. producer and consumer price inflation prints bolstered forecasts for a Fed rate cut next month.

In corporate news, Admiral Group surged to the top of the index as it posted a better-than-expected 32% rise in half-year pre-tax profits to £310m, driven by an improved current year underwriting performance and claims releases.

It also declared an interim dividend of 71p a share including a special payout of 19.7p a share, up 39%. Analysts had forecast profit of £304m and dividend of 67.3p.

Markets

market close

FTSE 100 8,343 +0.75%

FTSE 250 21,089 +0.66%

DAX 18,189 +1.70%

16:36

Dow Jones 40,479 +1.18%

S&P 500 5,530 +1.37%

NASDAQ 17,540 +2.02%

Fixed Income

UK 10-YR YIELD 3.919

Exchange Rates

GBP/USD 1.286

GBP/EUR 1.1709

Commodities

Gold $2,455 (+0.35%)

Brent $81.30 (+1.66%)

Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.