FTSE 100 Gains As Oil Prices Rebound

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FTSE 100 Gains As Oil Prices Rebound

(RTTNews) - U.K. stocks rose on Friday as energy stocks rallied, offsetting losses in the mining sector.

The benchmark FTSE 100 was up 31 points, or 0.4 percent, at 7,545 after finishing marginally lower in the previous session.

BP Plc rose 1.3 percent and peer Shell added 0.8 percent as oil prices jumped around 2 percent in Asian trade after calls from Saudi Arabia and Russia for OPEC+ members to join output cuts.

Miner Anglo American plunged 5 percent after it announced plans to slash production in a bid to cut costs.

Monks Investment Trust gained 1 percent after reporting narrower loss in first half of the year.

Fintech company IG Group rallied 2 percent as it announced the appointment of Breon Corcoran as its new chief executive officer, effective January 29, 2024.

Berkeley Group Holdings fell 2.2 percent after it flagged persisting housing demand woes.

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Japan GDP Data Due On Friday

Japan GDP Data Due On Friday

Japan will on Friday release preliminary Q2 numbers for gross domestic product, highlighting a busy day for Asia-Pacific economic activity. GDP is expected to rise 0.1 percent on quarter and 0.4 percent on year following the flat quarterly reading and the 0.2 percent contraction in the three months prior. Capex is seen higher by 0.5 percent on quarter, easing from 1.1 percent in Q1.
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U.S. Dollar Firms After Strong PPI Data

U.S. Dollar Firms After Strong PPI Data

The U.S. dollar climbed against its major counterparts in the New York session on Thursday, following the release of hotter-than-expected producer inflation report for July.
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Swiss Market Ends Modestly Higher After Mild Struggle

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

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

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

U.S. Weekly Jobless Claims Unexpectedly Dip To 224,000

The Labor Department released a report on Thursday unexpectedly showing a modest decrease by first-time claims for U.S. unemployment benefits in the week ended August 9th. The report said initial jobless claims dipped to 224,000, a decrease of 3,000 from the previous week's revised level of 227,000.
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