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FTSE 100 Slips As Miners Drag On Growth Worries
(RTTNews) - U.K. stocks edged lower in cautious trade on Friday before the May bank holiday. Miners slipped as copper prices slipped on growth worries.
The benchmark FTSE 100 was down 24 points, or 0.3 percent, at 7,808 after declining 0.3 percent on Thursday.
Miners Anglo American, Antofagasta and Glencore fell 1-3 percent after the first estimate showed the U.S. economy grew at a much slower pace than expected in the first quarter of the year.
Insurer Prudential rallied 2.2 percent after posting a 30 percent jump in new business profit.
Education group Pearson jumped 3.2 percent after reporting better than expected annual earnings.
Lender NatWest Group plunged 5.7 percent amid disappointment over the outlook for the year.
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Canadian Market Remains In Negative Territory After Weak Start
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Swiss Market Ends Modestly Higher After Mild Struggle
The Switzerland market recovered after a flat start on Thursday, and after staying positive till well past noon, suffered a setback but regained some strength to eventually end the day's session modestly higher.
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Major European Markets Close On Positive Note
Amid expectations of a rate cut from the Federal Reserve in September, and hopes the meeting between the Presidents of the U.S. and Russia will help end the war in Ukraine, the major European markets closed on a positive note on Thursday, although the U.K. market underperformed other major markets in the region.
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U.S. Producer Price Growth Far Exceeds Estimates In July
Producer prices in the U.S. increased by much more than expected in the month of July, the Labor Department revealed in a report released on Thursday. The Labor Department said its producer price index for final demand shot up by 0.9 percent in July after coming in unchanged in June. Economists had expected producer prices to rise by 0.2 percent.
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U.S. Weekly Jobless Claims Unexpectedly Dip To 224,000
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UK GDP Rises More Than Expected
The UK economy expanded more than expected in the second quarter but the overall growth softened as US frontloading propelled growth at the start of the year. Gross domestic product expanded 0.3 percent in the second quarter largely driven by growth in the service sector, the Office for National Statistics reported Thursday.
Although the rate was stronger than the expected growth of 0.1 pe
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Bay Street Likely To Open On Mixed Note
Canadian shares are likely to open on a mixed note Thursday morning, reacting to data showing a bigger than expected increase in U.S. producer price index, and mixed batch of earnings data from Canada. Oil prices are up, while metals are exhibiting weakness.
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S&P Sees Limited Impact From U.S. Tariffs On Indian Economy, Raises Ratings
S&P Global Ratings upgraded India's sovereign ratings on Thursday citing a buoyant economic growth, enhanced monetary policy conditions and the government's fiscal consolidation commitment, while the higher tariffs from the U.S. administration is estimated to have only limited impact on the economy. India's sovereign credit ratings were raised to 'BBB' from 'BBB-', with a 'stable' outlook.
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