RE: May see 15.00 incoming9 Aug 2023 13:30
getting more and more press coverage.....very nice indeed :
alliance news) - stock prices in london were higher at midday on wednesday, shaking off more disappointing china data, while focus turns to thursday's us inflation reading and what that could mean for future federal reserve decisions.
in the ftse 100, insurer hiscox shares fell, despite largely robust figures. its half-year earnings had tinges of disappointment in the form of some difficulty in its retail arm and outflows in hiscox ils.
miners were on the up, reversing tuesday's weakness, despite more news of china's struggling economy.
the ftse 100 index was up 66.71 points, 0.9%, at 7,594.13. the ftse 250 was up 101.19 points, 0.5%, at 18,942.73, and the aim all-share was up 1.18 points, 0.2%, at 760.02.
the cboe uk 100 was up 0.9% at 757.27, and the cboe uk 250 was up 0.6% at 16,612.18, whilst the cboe small companies was down 0.3% at 13556.75.
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by the access group
china slipped into deflation as consumer prices contracted last month for the first time in more than two years, official data showed, as slowing domestic spending weighs on the country's post-covid economic recovery.
the consumer price index, the main gauge of inflation, fell 0.3% on-year in july, the national bureau of statistics said, having flatlined in june. analysts polled by bloomberg had anticipated a 0.4% decline in the index for july.
stocks which are closely tied to china were on the up despite the data, recovering losses from tuesday.
asia-focused bank standard chartered was up 1.1%. insurer prudential, which is also asia-focused, was up 1.5%.
meanwhile, miners anglo american, anto***asta and glencore were up 1.7%, 2.0% and 2.2%, respectively.
aj bell investment director russ mould said that the latest figures from china "may give central bankers in the us, uk and europe pause for thought when they weigh up their next steps".
us inflation data, which will be released on thursday at 1330 bst, may offer some direction to how central banks will react in the coming months.
us cpi data for july will be released on thursday at 1330 bst. according to fxstreet consensus, markets are expecting a 3.3% annual rise in headline us consumer price inflation in july. core inflation, however, is meant to cool slightly to 4.7% in july, from 4.8% in june.
another inflation slowdown will be the ideal outcome, as it would take some sting out of federal reserve interest rate expectations.
on tuesday, a leading us federal reserve official said he thinks interest rates may have peaked but warned they will need to stay inflated for a while.
in a speech, patrick harker, president of the federal reserve bank of philadelphia said: "absent any alarming new data between now and mid-september, i believe we may be at the point where we can be patient and hol
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