The blue-chip FTSE 100 rose 0.1% to 10,807,89 points by 1054 GMT, on course to end the week nearly flat
International News via Reuters:
UK stocks edged higher on Friday as investors digested several corporate updates and awaited Federal Reserve Chair Kevin Warsh’s speech at the Jackson Hole symposium.
The blue-chip FTSE 100 rose 0.1% to 10,807,89 points by 1054 GMT, on course to end the week nearly flat. The midcap FTSE 250 added 0.2% to 24,936.06 points, but was on track for a near 1% weekly gain.
• Global stock markets were in a wait-and-watch mode ahead of Warsh’s speech at 1400 GMT, with investors watching for him to offer more details about the economy, recent volatility in bond markets, and the risks facing the U.S. and global outlook.
• At issue is whether he can maintain his less-is-better approach to monetary policy communications or feels compelled to provide at least a rough roadmap of how he views elevated inflation and what might prompt him to conclude that higher interest rates are needed to contain it.
• Oil prices dipped on Friday but Brent crude stayed close to $90 a barrel following a report that U.S. President Donald Trump is not interested in returning to previous deal terms with Iran. [O/R]
• Still, investors have been paring back expectations of a rate hike from the Bank of England this year.
• British businesses turned the most confident since March this month, bolstered by a rosier view of the economy, according to a survey that echoes other signs of an improving outlook.
• Among single stocks, Halfords climbed 2% after the retailer forecast annual profit ahead of market expectations as warm weather drove sales of its bicycles, camping gear and outdoor equipment.
• Goodwin climbed 5.9% after the mechanical engineering company reported full-year trading profit of £77.50 million ($105.3 million), more than double from a year ago.
• Recruiter Hays climbed about 5% after Panmure Liberum upgraded the stock to “buy” from “hold”.
Reporting by Anand Gopal and Sruthi Shankar in Bengaluru; Editing by Shailesh Kuber
