FTSE 100 Live: Markets Defy Inflation Data, Brent Jumps to $94.22

The FTSE 100 traded 12.33 points higher at 10,598.24 despite cooler-than-expected UK inflation boosting chances of near-term Bank of England rate cuts, as investors weighed rising oil prices and the US-Iran conflict. Meanwhile, oil prices rose above $90. Brent crude futures advanced 3.53% to $94.22 per barrel. US West Texas Intermediate (WTI) gained 3.53% to $87.32 ‌per barrel.

Gainers & Losers 

On the upside, Endeavour Mining gained 2.34% to £36.37. Fresnillo advanced 1.29% to £25.99, while Shell rose 1.15% to £32.92. Admiral Group added 1.13% to £35.78, Reckitt Benckiser climbed 0.75% to £49.75, and AstraZeneca edged 0.45% higher to £125.48.

On the downside, Games Workshop Group declined 2.43% to £196.50. London Stock Exchange Group fell 1.86% to £84.40, while Halma slipped 1.72% to £35.54. Experian dropped 1.52% to £26.59, Next lost 1.51% to £147.25, and Pershing Square Holdings eased 0.95% to £37.54.

Mulberry’s Losses Shrink

Mulberry reported a sharp reduction in annual losses and a return to revenue growth, with trading accelerating into the new financial year. 

The pre-tax losses narrowed to £8.9 million from £32.2 million as revenues grew 4% to £125.5 million, with growth accelerating to 11% in the second half. 

There was a swing to positive earnings (EBITDA) at £0.8 million compared with a £16.8 million loss a year earlier.

Bloomsbury Expects Cash From Anthropic Settlement

Bloomsbury, Harry Potter publisher, expects a chunk of the $1.5 billion settlement paid out by Anthropic following a copyright dispute. 

Bloomsbury said it will take a $3,000 settlement for each of its 14,087 books included in the claim, putting the firm in line to take as much as $42 million (£32 million). 

The publisher said its settlement payments will begin in the second half of this financial year. Bloomsbury shares jumped 1.5% to £652 on Wednesday’s market open.

Fresnillo’s Gold Production Declines

Fresnillo said it witnessed a decline in gold production in the first half of the year, despite an increase in the second quarter. 

The miner reported a 7.3% fall in production in the six months to the end of June, while second-quarter volumes were up 13.8% compared to the first quarter. 

“We will continue to focus on efficiency, cost control, and consistent volume performance across our operations,” the firm said. Fresnillo shares have fallen by almost a quarter since the start of the year.

Also Read: Stock Market Update: Nifty 50 Opens 0.15% Lower, Sensex Falls 210 points Amid Ongoing Geopolitical Tensions

Global Market View

In the US, last night, stocks closed sharply higher, with semiconductor stocks leading the Nasdaq with an increase of 1.3% to 25,837, while the S&P 500 rose 0.9% to 7,509 and the Dow Jones added 0.7%.

In Asia on Wednesday, Tokyo's Nikkei 225 fell 0.18% to 66,115.6, while China’s Shanghai Composite advanced 0.07%. Hong Kong’s Hang Seng fell 1.13%, and South Korea’s Kospi gained 0.74%. In India, both the Nifty 50 and the Sensex fell by 0.84% and 0.97%, respectively.