The FTSE 100 and European equities have started Tuesday, August 27 2024, higher, with the London index gaining around 0.39% shortly after the open, rising to 8,360.45, adding to the gains made on Friday. Bunzl is the biggest mover so far in the FTSE 100, rising more than 10% following its half-year report and the commencement of its share buyback programme.
After US Federal Reserve Chair Jerome Powell indicated last week that the Fed would cut rates at its next meeting, investors are anticipating a boost for global equities. He said at the Jackson Hole Symposium that “the time has come for policy to adjust.”
EARNINGS RELEASES & ECONOMIC EVENTS
On the economic calendar, it's a quiet week for UK data, although car production data will be released on Thursday, and mortgage and lending data will be reported on Friday. EU inflation data will also be reported on Friday. In the US, investors should watch out for the GDP data, which will be reported on Thursday at 1:30 pm BST.
On the earnings front, the UK corporate diary is relatively quiet, although PensionBee will report on Wednesday, and PPHE Hotel Group will post its interim results on Thursday.
FOREX & GOLD
As of 08:19 am, the GBPUSD has risen by around 0.22% to 1.3214 after closing Monday’s session down around 0.17%, at 1.3185. Today’s rise adds to the recent strong run from the GBP. Similarly, the euro has rallied against the USD recently. It is currently up 0.08% on Tuesday, trading around the 1.1169 level.
Spot gold, on the other hand, is down around 0.17% so far on Tuesday, trading around the 2513 mark. Last week the yellow metal hit a high of over $2,530.
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