FTSE 100: A Mixed Start For European Equities

The FTSE 100 and European equities have started the week beginning Monday, September 2, 2024, mixed, with the London index edging slightly higher, gaining around 0.02%  shortly after the open. On Friday, the FTSE 100 edged around 0.04% lower, closing the week at 8,376.63.

With US Federal Reserve Chair Jerome Powell indicating the Fed would cut rates at its next meeting, equities have made gains in recent sessions as they react to a potential new interest rate environment. Some key US jobs data this week may provide further insight into the Federal Reserve’s potential next move.

EARNINGS RELEASES & ECONOMIC EVENTS

On the economic calendar for the UK, it is a fairly quiet week with no major releases. However, data including the S&P Global Services PMI (Wednesday), New Car Sales (Thursday), and the Halifax House Price Index (Friday) will be reported.  It is Labor Day in the US on Monday. However, watch out for data, including the ISM Manufacturing PMI (Tuesday), JOLTs Job Openings (Wednesday), the ISM Services PMI (Thursday), and of course, Non-Farm Payrolls on Friday.

On the earnings front, the UK corporate diary Watches of Switzerland, Kainos Group, Ashtead Group, Barratt Developments, Currys, and more are set to update the market. 

FOREX & GOLD

As of 08:02 am, the GBPUSD has risen by around 0.12% to 1.3137 after closing Friday’s session down around 0.33%, at 1.3122. Similarly, the euro has rallied, currently up 0.17% on Tuesday, trading around the 1.1064 level. 

Spot gold, on the other hand, is down around 0.23% so far on Monday, trading around the $2,497 mark after moving as low as $2,490 overnight.