Thursday,29 August 2024 16:32:43

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Thursday,29 August 2024 at 15:32

UK stocks maintained gains on Thursday afternoon despite a negative after-hours reaction to Nvidia’s results – the lack of tech stocks in the UK index proving a rare boon.

In Europe markets were buoyed by the release of the latest German inflation figures which dropped to its lowest level in more than 3 years, and unexpectedly falling below the 2% target set by the European Central Bank.

US stocks moved higher and looked past Nvidia’s earnings release to absorb a second estimate of US GDP data showing the US economy is holding firm despite elevated Federal Reserve rates. Revised figures during the April-June period showed Gross Domestic Product rising at a 3% annualized rate, up from the previous estimate of 2.8%.

The upward revision to Q2 GDP assisted the US Dollar’s feeble recovery.

Oil prices rose around 2% after two losing sessions, as concerns over disruptions in supplies from Libya, a member of OPEC, provided price support. The Libya supply issues, amid growing geopolitical concerns will likely keep oil markets on edge in the near term.

Gold continued its intraday recovery.

In corporate news luxury goods brand Ferrari continued its race ahead. The Italian firm has rallied 44% in 2024 to a record high, beating all other European automobile peers and luxury names within the sector. The outperformance comes on the back of ‘fierce brand loyalty’ and its relatively low exposure to China, according to analysts at Morgan Stanley, who see the shares continuing to extend gains going forward.

Markets

16:30 BST

FTSE 100 8,380 +0.44%

FTSE 250 21,048 (-0.09%)

DAX 18,900 +0.63%

16:30 BST

Dow Jones 41,360 +0.66%

S&P 500 5,632 +0.73%

NASDAQ 17,740 +1.06%

Fixed Income

UK 10-YR YIELD 4.000

Exchange Rates

GBP/USD 1.316

GBP/EUR 1.188

Commodities

Gold $2,518 +0.66%

Brent $79.03 +2.15%

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.