Tag: Middle East tensions

  • FTSE 100 Opens Higher as Middle East Tensions Push Brent Above $105, Treasury Yields Climb

    FTSE 100 Opens Higher as Middle East Tensions Push Brent Above $105, Treasury Yields Climb

    The FTSE 100 opened 20.23 points higher at 10,725.49 on Thursday, as ongoing tensions in the Middle East kept oil prices elevated above $105 per barrel, while surging US Treasury yields continued to weigh on risk appetite across European markets.

    Brent crude futures rose 2.46% to $105.6 per barrel, and US West Texas Intermediate (WTI) advanced 2.20% to $94.19 per barrel. Sterling traded at $1.3243 early Thursday, slightly lower than $1.3254 at the London equities close on Wednesday. Against the euro, sterling fell to €1.1628 from €1.1636.

    Gainers and Losers

    On the upside, JD Sports Fashion rose 2.18% to 75.84p, British American Tobacco advanced 1.91% to 4,278p, and Antofagasta gained 1.50% to 3,802p. Glencore rose 1.48% to 560.70p, Bunzl added 1.28% to 2,686p, and BP increased 1.26% to 564.20p.

    On the downside, Standard Life fell 3.83% to 890.50p, Computacenter dropped 1.37% to 5,405p, and Pershing Square Holdings declined 1.20% to 3,616p. Admiral Group slipped 0.71% to 3,646p, Games Workshop Group fell 0.62% to 17,620p, and AstraZeneca edged 0.40% lower to 12,380p.

    Vistry Shares Fall After Loss and Downsizing Plans

    Vistry shares slumped after the company reported a £661 million pre-tax loss and announced plans to downsize, spooking investors. The housebuilder fell by as much as 7% to 248p in early trade.

    Adam Vettese, market analyst at eToro, commented: “This morning’s sell-off is the market calling time on another year of moving goalposts. Adam Daniels is doing the unglamorous work of shrinking Vistry to 12,000 homes, exiting South East private sales and cutting a land bank that was too big for the returns it produced. That is the right diagnosis; it does not make the next twelve months any cleaner.”

    On the Beach Posts Record Bookings

    On the Beach recorded a 9% rise in bookings, pushing total transaction value to £1.3 billion, marking the fifth consecutive year of record highs. The growth was fueled by a summer booking rebound, with volumes 4% ahead of the prior year, as more customers purchased trips closer to departure dates.

    Chief executive Shaun Morton attributed the uptick to “strategic investments” in technology and the company’s expanded product offering. The firm estimates pre-tax profit of £28 million to £35 million in the next financial year but remains “mindful” of the impact the Iran war is having on consumer confidence.

    Halma Raises Margin Outlook

    Halma raised its outlook for the annual adjusted operating profit margin, citing strong first-half progress. The health and safety device maker now expects an adjusted EBIT margin of 23.5% to 24% for the year through March 2027, up from its previous guidance of around 22.7%.

    The company maintained its forecast for low double-digit percentage organic constant-currency revenue growth, including roughly five percentage points of premium growth from its photonics business.

    Global Market Overview

    In the US, the S&P 500 dropped 0.75% to close at 7,706.03, while the Nasdaq Composite fell 1.13% to 26,936.04. The Dow Jones Industrial Average was down 352.10 points, or 0.68%.

    In Asia on Thursday, Tokyo’s Nikkei 225 gained 0.76% to 65,513.99, while China’s Shanghai Composite dipped 1.22%. Hong Kong’s Hang Seng declined 0.29%, and South Korea’s Kospi edged up by 0.9%. In India, both the Nifty 50 and the Sensex fell by 1.61% and 1.60%, respectively.

    Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investing involves risk. Always conduct your own research before making any investment decisions.

  • FTSE 100 Opens Higher Amid Middle East Tensions; Brent Crude Surges Past $105

    FTSE 100 Opens Higher Amid Middle East Tensions; Brent Crude Surges Past $105

    The FTSE 100 opened 20.23 points higher at 10,725.49 as renewed geopolitical tensions in the Middle East pushed oil prices above $105 per barrel, while rising US Treasury yields continued to weigh on risk appetite across European markets.

    Brent crude futures rose 2.46% to $105.6 per barrel, and US West Texas Intermediate (WTI) advanced 2.20% to $94.19 per barrel. Sterling was quoted at $1.3243 early Thursday, slightly lower from $1.3254 at the London equities close on Wednesday. Against the euro, sterling fell to €1.1628 from €1.1636 the prior day.

    Gainers & Losers

    • Top Gainers: JD Sports Fashion rose 2.18% to 75.84p, British American Tobacco advanced 1.91% to 4,278p, Antofagasta gained 1.50% to 3,802p, Glencore rose 1.48% to 560.70p, Bunzl added 1.28% to 2,686p, and BP increased 1.26% to 564.20p.
    • Top Losers: Standard Life fell 3.83% to 890.50p, Computacenter dropped 1.37% to 5,405p, Pershing Square Holdings declined 1.20% to 3,616p, Admiral Group slipped 0.71% to 3,646p, Games Workshop Group fell 0.62% to 17,620p, and AstraZeneca edged 0.40% lower to 12,380p.

    Vistry Shares Slump After Loss and Downsizing Plan

    Vistry shares tumbled after reporting a £661 million pre-tax loss and announcing plans to downsize. The housebuilder fell as much as 7% to 248p in early trade. Adam Vettese, market analyst at eToro, commented, “This morning’s sell-off is the market calling time on another year of moving goalposts. Adam Daniels is doing the unglamorous work of shrinking Vistry to 12,000 homes, exiting South East private sales and cutting a land bank that was too big for the returns it produced. That is the right diagnosis; it does not make the next twelve months any cleaner.”

    On the Beach Posts Record Booking Increase

    On the Beach reported a 9% rise in bookings, bringing total transaction value to £1.3 billion, marking the fifth consecutive year of record highs. The summer booking rebound contributed to growth 4% ahead of the prior year, driven by customers purchasing trips closer to departure dates. Chief executive Shaun Morton attributed the uptick to strategic investments in technology and an expanded product offering. The company estimates pre-tax profit between £28 million and £35 million in the next financial year, but remains mindful of the impact the Iran war is having on consumer confidence.

    Halma Raises Margin Outlook

    Halma lifted its outlook for annual adjusted operating profit margin, citing strong first-half progress. The health and safety device maker now expects an adjusted EBIT margin of 23.5% to 24% for the year through March 2027, up from its previous guidance of around 22.7%. The company maintained its forecast for low double-digit percentage organic constant-currency revenue growth, including roughly five percentage points of premium growth from its photonics business.

    Global Market Overview

    In the US, the S&P 500 dropped 0.75% to close at 7,706.03, while the Nasdaq Composite fell 1.13% to 26,936.04. The Dow Jones Industrial Average was down 352.10 points, or 0.68%. In Asia on Thursday, Tokyo’s Nikkei 225 gained 0.76% to 65,513.99, while China’s Shanghai Composite dipped 1.22%. Hong Kong’s Hang Seng declined 0.29%, and South Korea’s Kospi edged up 0.9%. In India, both the Nifty 50 and the Sensex fell 1.61% and 1.60%, respectively.

    Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.

  • Bitcoin Dips Toward $80K as Middle East Tensions Rattle Crypto Markets

    Bitcoin Dips Toward $80K as Middle East Tensions Rattle Crypto Markets

    Bitcoin fell toward $80,000 as escalating Middle East tensions and a rejection near the $82,000 resistance level triggered a wave of selling across cryptocurrency markets. The broader crypto market cap dropped 1.4%, while several major altcoins posted deeper losses, though the altcoin market as a whole retained its weekly gains.

    Middle East Geopolitical Risks Halt Bitcoin’s Rally at $82K

    Bitcoin had approached $82,000 on Saturday after recovering from a three-week low of $75,000 earlier in the week. However, buyers failed to push the price above that resistance level. The cryptocurrency then dropped by nearly $2,000 as traders reduced exposure to riskier assets.

    The reversal followed reports of escalating hostilities involving Saudi Arabia, Iran and Iran-backed Houthi forces. Drone and missile attacks reportedly led Iran to issue a “Code 100” security alert. The heightened uncertainty placed additional pressure on crypto prices during weekend trading, when market liquidity can be lower.

    Bitcoin’s decline broadly matched the wider market move. The total cryptocurrency market value lost about $40 billion over the day, falling to approximately $2.74 trillion. Bitcoin’s market capitalization declined to around $1.61 trillion, while its market dominance moved closer to 59%.

    Technical conditions also contributed to the pullback. Bitcoin faced rejection near the recent swing high of $82,262, while its seven-day relative strength index reached 69.8. In addition, 24-hour trading volume fell 39.23%, signaling that fresh demand weakened after the recent rally.

    Major Altcoins Fall as Avalanche Records Gains

    Several large-cap altcoins followed Bitcoin lower. Ethereum dropped 2.6% after failing to hold its advance near $2,630. BNB struggled around $750, XRP slipped below $1.40 and Solana traded under $110. Hyperliquid’s HYPE token also retreated after reaching a record high.

    Privacy-focused cryptocurrencies recorded some of the steepest declines after a short-lived rally earlier in the week. Zcash fell about 8.2% to $1,443, while Monero declined 8.6% to around $523. Uniswap, NEAR Protocol, Chainlink, Aave and Rain also traded lower during the session.

    Avalanche moved against the broader trend, rising more than 11% to trade above $9.60. Ethena, Pepe and M also posted gains. The mixed performance showed that buying continued in selected tokens despite the wider risk-off move.

    Meanwhile, TradingView’s OTHERS index, which measures the market value of the top 125 cryptocurrencies excluding the 10 largest, remained up 11.52% over seven days. The index also gained 38.22% over one month and 29.05% over six months. However, it was still down 32.63% over the past year.

    Altcoin Breakout Awaits Weekly Confirmation

    Crypto analyst Ash Crypto said the altcoin market was attempting to break above a downtrend that had lasted almost two years. He described the move as the first credible breakout attempt in that period but warned that confirmation was still missing.

    “It’s too early to call an altseason,” the analyst said, pointing to the need for a weekly close above the long-running trendline. His assessment leaves doubt over whether the latest rally marks a lasting market shift or another failed breakout.

    If the altcoin market closes above the trendline, the move could gain technical confirmation. However, a rejection may place the $160 billion to $190 billion market-cap zone back in focus.

    Key Levels to Watch for Bitcoin

    For Bitcoin, $77,636 remains the main near-term support. Holding that level could allow another test of $82,000. A break below it may expose the next support near $76,545. Middle East developments and Bitcoin’s reaction around these price levels remain the main factors to watch.

  • Indian Rupee Slides 10 Paise to 94.66 Against US Dollar as Crude Oil Prices Surge

    Indian Rupee Slides 10 Paise to 94.66 Against US Dollar as Crude Oil Prices Surge

    The Indian rupee came under pressure in early trade on September 8, falling 10 paise to Rs 94.66 against the US dollar as rising crude oil prices and escalating tensions in the Middle East weighed on investor sentiment. The currency opened at Rs 94.49 at the interbank foreign exchange market before weakening to Rs 94.66.

    This decline follows a 13-paise fall on September 7, when the rupee closed at Rs 94.56 against the dollar.

    Crude Prices Add Pressure

    The latest drop in the rupee came as Brent crude prices climbed towards USD 98 per barrel. Brent futures rose 0.63% to around USD 97.61, driven by concerns over possible disruptions to oil supplies amid escalating US-Iran tensions. Typically, rising oil prices negatively affect the rupee due to India’s heavy reliance on imported oil, as any increase in the country’s import bill leads to higher dollar requirements.

    These developments have raised concerns regarding the transport of energy through the Strait of Hormuz, a critical route for oil shipments. According to Reuters, Brent crude was at about USD 97.49 per barrel on Tuesday.

    Markets Await Key Economic Cues

    Market participants are now watching upcoming inflation data from India and the US for clues about the direction of interest rates and currency markets. The US Federal Reserve’s September 16 policy meeting will also remain a key focus.

    The dollar index stood around 98.80, while analysts expect the rupee to remain range-bound if crude prices stay elevated but RBI support continues.

  • Indian Stocks Open Lower as Rising Oil and Middle East Tensions Weigh on Sentiment

    Indian Stocks Open Lower as Rising Oil and Middle East Tensions Weigh on Sentiment

    Indian equity markets opened lower on Friday, dragged by rising crude oil prices and escalating Middle East tensions that dampened investor sentiment. The Nifty 50 index started the session 97.1 points, or 0.39%, lower at 24,538.90, while the Bank Nifty declined 181.65 points, or 0.31%, to open at 57,882. The Sensex opened 438.68 points below its previous close of 78,954.76.

    Broader market performance was mixed. The Nifty Midcap 100 index edged down 0.4%, while the Nifty Smallcap 100 index gained 0.5%.

    In the currency market, the rupee opened at Rs 95.28 per US dollar on Friday, compared with the previous session’s close of Rs 95.22.

    Foreign institutional investors (FIIs) remained net sellers in Indian equities on August 6, offloading shares worth Rs 28.58 crore. Conversely, domestic institutional investors (DIIs) were net buyers, adding Rs 3,488.43 crore.

    Sensex Outlook

    Technically, the Sensex formed a small candle on the daily chart, and the non-directional intraday activity indicates indecision among traders.

    “For day traders, 79,000 would act as an immediate breakout level. Above this, the market could move up to 79,300-79,500. On the flip side, below 78,600, we could see intraday price corrections down to 78,200-78,000. The intraday market texture is non-directional; hence, level-based trading would be the ideal strategy for day traders,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.

    Nifty 50 Outlook

    The Nifty 50 could witness profit booking after the recent rally, but the larger trajectory remains positive as long as key support levels hold.

    “The 24,400-24,500 is the immediate support zone, where buying interest is expected to emerge on declines. On the upside, 24,700-24,800 remains the key resistance range. A decisive move above this zone could signal a continuation of the ongoing uptrend and pave the way for fresh highs. As long as Nifty holds above the 24,400 support zone, the preferred strategy remains buy on dips,” said Gaurav Udani, founder of Thincredblu Securities.

    Bank Nifty Outlook

    The Bank Nifty is expected to remain steady, with the underlying technical structure still favorable as the index continues to trade above its key support zones.

    “The 58,200-58,300 band stands out as the immediate resistance area; a decisive move beyond this level would strengthen buying interest and open the path toward 58,500-58,600. On the downside, the 57,800-57,700 zone serves as the first line of support, with a breakdown below this level exposing the index to a deeper pullback toward 57,400-57,300,” said Ponmudi R, CEO of Enrich Money.

    Disclaimer: This article is for informational purposes only and does not constitute investment advice. Always conduct your own research before making investment decisions.

  • Gold Prices Surge 1.07% on MCX to Rs 1,44,408 as Middle East Tensions Boost Brent Crude Above $92

    Gold Prices Surge 1.07% on MCX to Rs 1,44,408 as Middle East Tensions Boost Brent Crude Above $92

    Gold futures on the Multi Commodity Exchange (MCX) climbed sharply on July 22, tracking a positive global trend and rising crude oil prices driven by escalating US-Iran tensions. The August gold contract rose by 1.07% to settle at Rs 1,44,408 per 10 grams, while September silver futures gained 0.94% to Rs 2,25,886.

    In the international oil market, Brent crude futures advanced 1.20% to $92.10 per barrel, and US West Texas Intermediate (WTI) edged up 1.08% to $85.25 per barrel. The rally in oil prices was fueled by geopolitical uncertainty in the Middle East, which also supported safe-haven demand for gold.

    Domestic Gold Prices

    In the Indian physical market, 24K gold rose by Rs 229 to Rs 1,46,510 per 10 grams, while 22K gold increased by Rs 210 to Rs 1,34,300. Regional prices were largely uniform: Mumbai and Kolkata quoted Rs 1,46,510, Delhi Rs 1,46,560, and Chennai Rs 1,46,510.

    US Gold Prices

    In the US markets, spot gold hit a two-week high, climbing 1.6% to $4,139.64 per ounce. August gold futures jumped 1.7% to $4,144.20. The rally was attributed to technical buying and heightened uncertainty over the widening Middle East conflict, as traders awaited the US Federal Reserve meeting scheduled for next week. According to the CME FedWatch Tool, the probability of a September rate hike now stands at 64%.

    Spot silver rose 1.9% to $59.87 per ounce, platinum gained 2.4% to $1,667.22, and palladium advanced 3% to $1,320.75.

    Key Levels and Analyst Outlook

    “Buyers have been stepping in seeking a value play after the recent pullback, while hopes for diplomatic progress between the US and Iran are also assisting price moves,” said Tim Waterer, chief market analyst at KCM Trade.

    On the MCX, gold is seen with support at Rs 1,42,000 and Rs 1,41,400, while resistance is at Rs 1,44,000 and Rs 1,45,500. Silver has support at Rs 2,21,600 and Rs 2,18,800, with resistance at Rs 2,26,000 and Rs 2,28,800.

    Manoj Kumar Jain of Prithvi Finmart Commodity Research advised traders to trail stop losses in long positions and book profits around Rs 1,44,400–Rs 1,45,500 for gold and Rs 2,27,000–Rs 2,30,000 for silver.

  • Indian Stock Market Opens Lower Amid Middle East Tensions: Nifty Down 0.09%, Sensex Falls 91 Points

    Indian Stock Market Opens Lower Amid Middle East Tensions: Nifty Down 0.09%, Sensex Falls 91 Points

    Indian equity markets opened in the red on Tuesday as escalating tensions between the US and Iran weighed on investor sentiment. The Nifty 50 opened 22.45 points (0.09%) lower, while the Sensex declined by 91.25 points. In contrast, the Bank Nifty managed a modest gain of 0.14% at the open.

    On Monday, the Sensex had fallen 442.93 points (0.57%) to settle at 77,708.52, and the Nifty 50 dropped 95.80 points (0.39%) to close at 24,238.50. The Indian rupee opened at Rs. 96.41 against the US dollar on Tuesday, compared to the previous close of Rs. 96.45.

    Midcap stocks gained 0.6%, while smallcaps ended marginally positive. Foreign Institutional Investors (FIIs) sold Rs. 1,121 crore on July 20, but Domestic Institutional Investors (DIIs) absorbed the outflow, buying Rs. 1,312 crore.

    Sensex Outlook

    Technically, the Sensex formed a recovery candle after a gap-down open, indicating buying interest emerging at lower levels. Shrikant Chouhan, Head of Equity Research at Kotak Securities, noted: “The key levels to watch are 76,800 on the downside and 78,300 on the upside. As long as these levels remain intact on a closing basis, stock-specific action is likely to dominate. A close below 76,800 could open the doors for a decline towards 76,200, whereas a sustained move above 78,300 may pave the way for a retest of 78,700. The preferred strategy is to reduce weak long positions in the 78,300-78,600 zone, while remaining selective in accumulating quality stocks on declines.”

    Nifty 50 Outlook

    The Nifty 50 formed a small-bodied candle on the daily chart and closed within the previous session’s range, reflecting continued indecision. Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, commented: “A small green candle was formed on the daily chart that closed beside the long bull candle of Friday. Technically, this market action indicates an inside day type candle formation which is reflecting a range bound movement in the market with weak bias. The negative global sentiment has not impacted much on our markets so far.”

    Bank Nifty Outlook

    On Monday, the Bank Nifty formed a small-body bullish candle with wicks on either side, highlighting intraday indecision. Analysts noted: “Going ahead, the immediate resistance for Bank Nifty is placed in the 58,300-58,400 zone. Any sustainable move above this zone could result in Bank Nifty extending its pullback towards 58,800, followed by 59,200 in the short term. On the downside, the immediate support for Bank Nifty is placed in the 57,600-57,500 zone.”

    Disclaimer: This article is for informational purposes only and does not constitute investment advice. Readers should conduct their own research before making any investment decisions.

  • FTSE 100 Dips 34 Points Amid Middle East Turmoil; Brent Crude Surpasses $90

    FTSE 100 Dips 34 Points Amid Middle East Turmoil; Brent Crude Surpasses $90

    The FTSE 100 opened 34.07 points lower at 10,566.30 on Monday, as continued US airstrikes against Iran and expanding Iranian retaliation across the Gulf region deepened risk-off sentiment. Brent crude futures surged 2.62% to $90.41 per barrel, while US West Texas Intermediate (WTI) advanced 2.39% to $84.36 per barrel. Sterling edged lower to $1.3452 against the US dollar.

    Gainers and Losers

    On the upside, Computacenter led gains with a 3.49% rise to £4,740, followed by Entain (+1.61%), Auto Trader (+0.94%), BP (+0.81%), JD Sports Fashion (+0.76%), and Convatec Group (+0.74%). On the downside, Coca-Cola Europacific Partners fell 1.02%, Spirax Group slipped 1.15%, Unilever dropped 1.40%, Reckitt Benckiser eased 1.14%, Rio Tinto declined 0.83%, and Next edged 0.37% lower.

    Political Shake-Up: Andy Burnham Poised to Become UK Prime Minister

    Andy Burnham, the former mayor of Greater Manchester and new Labour Party leader, is expected to succeed Keir Starmer as Britain’s seventh prime minister in the last decade. Burnham returned to Parliament last month after winning a special election and was sworn in on July 12, shortly after Starmer announced his resignation. Starmer will formally step down during a meeting with King Charles III.

    Ryanair Profit Slumps on Fuel Costs

    Ryanair reported a 36% slump in pre-tax profit to €593 million for the three months to June, as rising jet fuel prices driven by the Iran conflict took a toll. The airline noted that the cost of 20% of unhedged fuel more than doubled to $150 per barrel, pushing operating costs up 11% to €3.8 billion. Although traffic rose 6%, lower fares caused revenue to dip 1% to €4.3 billion.

    Craneware Cyberattack Shakes Shares

    Craneware shares fell as much as 8% after the healthcare software firm disclosed a cyberattack involving unauthorized access to a subset of its data environment. Employee data and a portion of customer and partner records were accessed and exfiltrated. Analysts at Panmure Liberum warned that consistency in breach reporting is critical to avoid regulatory penalties.

    Big Yellow Group Invests in Automation

    Big Yellow Group said it is increasing investment in automation and energy efficiency to reduce headcount and staff costs amid rising national insurance and minimum wage pressures. CEO Jim Gibson noted the move allows the company to avoid replacing certain leavers. Group revenue edged up 3% to £53.2 million, though the operating environment is expected to remain challenging until autumn.

    Global Market Overview

    US futures were mixed early Monday, with S&P 500 futures up 0.04% and Nasdaq-100 futures up 0.14%, while Dow futures dipped 59 points. Asian markets saw sharp declines: Tokyo’s Nikkei 225 fell 4.03%, China’s Shanghai Composite dropped 0.85%, and South Korea’s Kospi slid 4.46%. Hong Kong’s Hang Seng bucked the trend with a 2.25% gain. Indian indices Nifty 50 and Sensex declined 0.42% and 0.53%, respectively.

    This article is for informational purposes only and does not constitute financial advice. Please conduct your own research before making investment decisions.

  • FTSE 100 Opens Lower as Middle East Tensions Overshadow UK GDP Growth

    FTSE 100 Opens Lower as Middle East Tensions Overshadow UK GDP Growth

    The FTSE 100 opened 45 points lower at 10,470.77 on Thursday, as escalating Middle East tensions weighed on investor sentiment despite stronger-than-expected UK economic growth data. Brent crude futures fell 0.52% to $84.51 a barrel, while US West Texas Intermediate (WTI) eased 0.13% to $79.50 a barrel.

    Sterling was quoted at $1.3537 early Thursday, up from $1.3486 at the London equities close on Wednesday. Against the euro, sterling rose to €1.1800 from €1.1791 a day earlier.

    Gainers & Losers

    On the upside, Diploma rose 3.84% to £7,030, while Spirax Group advanced 1.73% to £6,765. DCC gained 1.03% to £6,370, and Weir Group gained 1.91% to £2,454. IMI added 1.32% to £2,912, while Smiths Group climbed 1.31% to £2,547.

    On the downside, Games Workshop Group declined 0.59% to £20,380, while Experian slipped 4.28% to £2,593. AstraZeneca fell 0.62% to £12,488, and Lion Finance Group edged lower by 0.61% to £11,350. Rio Tinto dropped 1.02% to £6,797, while Coca-Cola Europacific Partners eased 0.83% to £7,745.

    UK Economy Grew a Modest 0.1% in May

    Figures from the Office for National Statistics (ONS) revealed the economy grew 0.1% in May, broadly in line with market expectations. The services sector, which contributes more than 80% of total economic output, increased 0.3% against a fall in other parts of the economy. Manufacturing fell 0.8% and production dipped 0.5%. “While all three main sectors grew over the three months (to May), the slight growth in GDP in May was driven by services alone, with production and construction both falling back,” Liz McKeown, director of economic statistics at the ONS, said.

    Experian’s Revenue Increased 10%

    Experian said revenue rose 10% in the three months to 30 June. Revenue in the UK and Ireland increased 7%, backed by the acquisition of software platform provider KYC360 and recent contract wins, while underlying sales gained 5%. Chief executive Brian Cassin cited the firm’s “trusted data assets, scaled platforms and growing AI-enabled opportunities.” Experian shares fell by more than 7% after its full-year results in May as investors questioned whether AI could erode demand for some of its data products over time despite the company highlighting productivity gains from the technology.

    ABB to Acquire Rotork for £4 Billion

    Rotork agreed to a £4 billion acquisition after reaching an agreement with Swiss tech firm ABB. The Zurich-based electrical engineering company has recommended that its shareholders accept a deal that values the firm at £4.1 billion. It is made up of £503 in cash and a dividend of up to £3. The offer price is a 73% premium on Rotork’s closing share price on 15 July. Under the terms of the deal, the group will operate as a separate division in ABB’s Automation business and is expected to add 3% to the group’s total revenue.

    Frasers Witnesses Profit Jump

    Frasers Group has seen its profit jump, driven by its recent takeover bids for rival retailers. The fashion group saw revenue jump by 8% to £3.3 billion in the year to the end of April, as pre-tax profit grew by 39% to £528 million. “Leveraging the strength of our UK Sport business and brand relationships, international expansion has become a powerful growth engine for the Group and a key pillar of our long-term strategy,” the firm said. Frasers stepped up its takeover efforts in recent weeks with a £1.7 billion bid for German fashion house Hugo Boss and a £166 million play for Australian shoe firm Accent.

    Global Market View

    In the US, the Dow Jones gained 0.3%, the S&P 500 rose 0.4% and the Nasdaq added 0.6%, with Apple climbing to a record high after reports it had secured approval to launch its generative AI features in China. In Asia on Thursday, Tokyo’s Nikkei 225 fell 2.79% to 66,835.54, while China’s Shanghai Composite dipped 1.85%. Hong Kong’s Hang Seng climbed 1.33%, and South Korea’s Kospi declined 6.37%. In India, both the Nifty 50 and the Sensex rose by 0.22% and 0.24%, respectively.

  • Gold Prices Slip on MCX Amid Middle East Tensions and Inflation Concerns; Brent Crude Also Declines

    Gold Prices Slip on MCX Amid Middle East Tensions and Inflation Concerns; Brent Crude Also Declines

    Gold futures on the Multi Commodity Exchange (MCX) traded lower on July 16, declining 0.45% to Rs. 1,41,205 per 10 grams, as escalating tensions between the US and Iran fueled inflation worries and reinforced expectations of a Federal Reserve rate hike later this year.

    September silver futures also fell, dropping 0.67% to Rs. 2,19,150. In the energy market, Brent crude futures slipped 0.21% to $84.77 per barrel, while US West Texas Intermediate (WTI) eased 0.09% to $79.53 per barrel.

    According to the CME FedWatch Tool, traders now see a 73% probability of a rate hike by the Fed in December, as the latest geopolitical unrest threatens to keep inflation elevated.

    Domestic Gold Prices

    In the domestic physical market, 24K gold fell by Rs. 28 to Rs. 1,43,290 per 10 grams, while 22K gold declined by Rs. 25 to Rs. 1,31,350. City-wise, Mumbai and Kolkata quoted gold at Rs. 1,43,290, Delhi at Rs. 1,43,400, and Chennai at Rs. 1,43,460.

    US Gold Prices

    Internationally, spot gold dropped 0.6% to $4,034.42 per ounce, and US gold futures for August delivery lost 0.3% to $4,039.90. Spot silver fell 1.1% to $57.14 per ounce. Platinum eased 0.6% to $1,664, while palladium edged 0.3% lower to $1,309.86.

    Key Levels to Watch

    “Gold is declining as the escalating attacks in the Middle East continue to push oil prices sharply higher this week, keeping concerns about inflation alive,” said Jigar Trivedi, Senior Research Analyst at IndusInd Securities. “June’s inflation figures did not reflect the impact of the latest escalation in the US-Iran conflict, as the interim peace union reached last month has effectively unravelled,” Trivedi added.

    Internationally, gold has support at $4,022 and $3,989, while resistance is at $4,084 and $4,110 per troy ounce. Silver has support at $56 and $54.40, with resistance at $58.80 and $60 per ounce. On MCX, gold support is at Rs. 1,41,000 and Rs. 1,40,250, and resistance at Rs. 1,42,650 and Rs. 1,43,300. Silver support is at Rs. 2,17,700 and Rs. 2,14,000, with resistance at Rs. 2,24,000 and Rs. 2,26,600.