FTSE 100 today: Stocks gain as UK GDP beat offsets tech rout
Investing.com — British stocks rose on Thursday as stronger-than-expected UK GDP data outweighed a global technology sell-off and hotter-than-expected U.S. inflation.
The FTSE 100 was up 0.06%, as of 03:25 ET (07:25 GMT). France’s CAC 40 gained 0.05%, while Germany’s DAX was down 0.40%. Sterling rose 0.44% to $1.3250.
Britain’s economy grew 0.1% in August against forecasts for a 0.1% fall, the ONS said, as finance minister John Healey prepares his budget.
Three-month growth was 0.7% against 0.5% expected, and annual growth reached 2.1%. “Computer programming was once again the largest contributor to growth in the three months to August,” said ONS economic statistics director Liz McKeown.
Iranian Parliament Speaker Mohammad Bagher Ghalibaf said Tehran does not seek an endless war or prolonged negotiations with the United States but will keep fighting until Washington accepts its demands.
Two vessels sank near the Strait of Hormuz as attacks slowed shipping. The IMF said Gulf economies would not return to their pre-war path soon.
U.S. President Donald Trump told a rally in Bullhead City, Arizona, that Washington had taken “total control” of the strait and the war would end “very soon.”
Attacks on shipping are at their highest since the war began in February, with the UKMTO logging 15 between Oct 6 and Oct 14. Kpler data showed 2.9 million barrels passed through Hormuz on Oct 11, down from nearly 20.8 million on Oct 8.
U.S. Central Command says American forces control the strait, while Iran blames Washington’s blockade of its ports. Houthi strikes have also hit Saudi airports.
U.S. core CPI rose 0.3% in September against 0.2% expected, keeping rate-hike worries alive.
Brent crude futures fell 1.83% to $104.07 a barrel and WTI dropped 1.24% to $93.91 Gold futures rose 1.38% to $4,164.80 an ounce, while spot gold gained 0.93% to $4,143.26.
UK round up
TotalEnergies expects its third-quarter refining margin to rise to $33.2 per barrel from $8.4 a year earlier, as the Iran war disrupts global energy supplies.
Jupiter Fund Management reported third-quarter net inflows of £700 million, up from £300 million a year earlier, while assets under management rose 51% to a record £75.9 billion.