FTSE 100 Slides in a Mixed Start for European Indices

The FTSE 100 and European equities have started the week beginning Monday, August 19 2024, mixed, with the London index falling around 0.19%  shortly after the open, declining to 8,295.5. On Friday, the London Stock Exchange’s blue-chip index fell around 0.43% to 8311.41, declining 35.94 points in a mixed session for European indices. 

Overall, indices continued their recovery last week following the recent plunge which was prompted by weak US jobs data, resulting in worries about the US economy. 

EARNINGS RELEASES & ECONOMIC EVENTS

On the economic calendar, it's a quiet week for UK data. On Wednesday, public sector net borrowing data will be released at 7 am,  while on Thursday, S&P Global Composite PMI data will be reported at 9:30 am.  On Friday, just after midnight, Gfk consumer confidence data will be reported.  In the US, investors should watch out for the FOMC minutes on Wednesday at 7 pm and a speech from Federal Reserve Chair Jerome Powell on Friday at 3 pm.

On the earnings front, there are a couple of well-known names in the UK corporate diary, with Antofagasta Wood Group and Hays set to update the market. 

FOREX & GOLD

As of 08:04 am, the GBPUSD has risen by around 0.17% to 1.2961 after closing Friday’s session strongly, up  0.72% at 1.2939, capping off a solid week for the GBP. The EURUSD  has also risen, gaining around 0.13% to 1.1040 after also closing Friday strongly, rising 0.49%, closing the week at 1.1026. 

Spot gold hit a record high on Friday, climbing more than 2% to around $2,508, topping the $2500 mark for the first time. The yellow metal is currently at $2,504, falling around 0.17% from Friday’s close.