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UK and European stocks saw an uptick at the opening on
Friday, driven by growing speculation about a more substantial US interest rate
cut than anticipated, following the European Central Bank's reduction of its
key rate the previous day.
On Thursday, US stocks experienced substantial gains as
investors evaluated the impact of slowing producer-price inflation on the
immediate forecast for interest rates in anticipation of the Federal Reserve's
upcoming policy meeting.
Asia-Pacific markets presented a mixed performance on
Friday, with mainland Chinese markets hitting a six-year low while Australian
markets approached an all-time high.
Oil prices continued to climb on Friday, driven by
production disruptions in the U.S. Gulf of Mexico as Hurricane Francine
compelled producers to evacuate platforms ahead of its landfall in Louisiana.
Gold prices hit a record high as the dollar weakened due to
an anticipated U.S. interest rate cut next week, and palladium rose 15% this
week.
In corporate updates, Citi has increased its target price
for Tesco shares in anticipation of the supermarket giant's interim results
next month. The bank attributes this optimism to Tesco's ongoing market share
growth, which it expects to be evident in the upcoming financial reports.
Citi has adjusted its target price from 350p to 425p and
maintains a 'buy' recommendation for the stock.
Recent Kantar market share data indicates that Tesco
continues to solidify its dominance in the UK grocery market, holding a 27.8%
market share in the 12 weeks leading up to 1 September—an increase of 5.3%
compared to the same period last year and the highest share since January 2022.
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