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UK and European stocks dropped on Wednesday as global
markets turned their attention to the upcoming release of U.S. inflation data.
U.S. stocks extended their losses after inflation figures
suggested that the Federal Reserve is unlikely to reduce interest rates by a
substantial half-point next week.
The consumer price index decelerated to 2.5% in August
year-over-year, down from 2.9% in July, marking the smallest annual increase
since February 2021.
Gold prices declined on Wednesday as the dollar and Treasury
yields strengthened following U.S. inflation data, leading investors to lower
their expectations of a significant rate cut from the Federal Reserve next
week.
Oil prices rose on Wednesday, recovering some
of the previous day’s losses, driven by a decrease in U.S. crude inventories
and concerns about Hurricane Francine affecting U.S. output, which offset
worries about weak global demand.
In company updates, Zara's parent company, Inditex, the
largest fashion retailer globally, announced a record profit for the first half
of the year on Wednesday, despite slower sales growth.
The Spanish group reported that its net profit increased by
10% to €2.8 billion (£2.4 billion) in the first six months of its financial
year, which ends on July 31. Inditex, which also owns Pull&Bear, Bershka,
Massimo Dutti, and Stradivarius, stated that their spring and summer
collections were “very well received” by customers.
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