London midday: Stocks dip as investors eye key US, UK data releases

(Sharecast News) - London stocks were a little weaker by midday on Thursday as investors eyed the release of US growth figures later in the day, and a key US inflation reading and UK GDP at the end of the week. The FTSE 100 was down 0.2% at 8,206.36.

Joshua Mahony, chief market analyst at Scope Markets, said: "Today sees the US economy come into sharp focus, with the final GDP and core durable goods orders data released ahead of tomorrow's crucial core PCE inflation release. Signs of weakness in the jobs market have started to spread through alternate areas of the economy, with yesterday's new home sales figure falling to a 2024 low.

"While the Fed will be concerned that we are seeing tentative signs of distress across parts of the US economy, the question over at which point it influences to Fed to react remains key. With Powell noting that the FOMC will want to be confident that inflation is on a pathway back down towards 2%, the decline widely anticipated for tomorrow's core PCE price index figure could yet help bolster support for a September rate cut."

In equity markets, DS Smith jumped to the top of the FTSE 100 after Brazilian pulp maker Suzano said it had ended talks to buy International Paper. DS Smith agreed to be bought by International Paper in April for £5.8bn.

According to Reuters, a deal between Suzano and IP would have been conditional on IP abandoning its DS Smith bid. Mondi also gained.

Halma was up after announcing the acquisition of Portuguese fire detection and alarm systems maker Global Fire Equipment (GFE) for £36m.

Bunzl advanced as it upgraded its profit guidance for the year, citing improved margin performance and successful acquisitions.

Moonpig shares sparked after the online greeting card retailer posted a jump in annual sales and profits.

Luxury timepiece seller Watches of Switzerland was in the black as it held current-year guidance and said it was "cautiously optimistic" after annual profits fell amid a wind-back of discretionary spending.

Serco pushed higher as it upgraded its full-year profit guidance following "good" progress in the first half.

On the downside, GSK tumbled after a ruling by a US health agency narrowed usage recommendations for all respiratory syncytial virus (RSV) vaccines, restricting the addressable market for the company's Arexvy product.

Currys fell even as the electricals retailer said trading in the current fiscal year was in line with expectations after 2023/24 adjusted earnings rose 10% with its Nordics division starting to recover.

Market Movers

FTSE 100 (UKX) 8,206.36 -0.23% FTSE 250 (MCX) 20,296.47 -0.01% techMARK (TASX) 4,738.41 -0.34%

FTSE 100 - Risers

Smith (DS) (SMDS) 391.60p 6.30% Mondi (MNDI) 1,517.00p 2.64% Admiral Group (ADM) 2,657.00p 2.31% Airtel Africa (AAF) 118.80p 1.80% Barclays (BARC) 209.05p 1.55% Halma (HLMA) 2,718.00p 1.42% JD Sports Fashion (JD.) 127.40p 1.35% Relx plc (REL) 3,646.00p 1.17% Diploma (DPLM) 4,182.00p 1.01% BP (BP.) 475.30p 1.01%

FTSE 100 - Fallers

GSK (GSK) 1,519.00p -5.03% Burberry Group (BRBY) 922.40p -4.10% 3i Group (III) 2,991.00p -3.17% Entain (ENT) 631.00p -2.50% Associated British Foods (ABF) 2,463.00p -2.42% British American Tobacco (BATS) 2,451.00p -2.39% Ashtead Group (AHT) 5,252.00p -1.46% B&M European Value Retail S.A. (DI) (BME) 446.10p -1.46% Anglo American (AAL) 2,493.00p -1.36% Prudential (PRU) 738.40p -1.10%

FTSE 250 - Risers

Moonpig Group (MOON) 177.00p 11.46% Watches of Switzerland Group (WOSG) 444.60p 11.32% Direct Line Insurance Group (DLG) 209.60p 4.07% Serco Group (SRP) 179.80p 4.05% Tyman (TYMN) 357.00p 1.85% PZ Cussons (PZC) 102.40p 1.59% Carnival (CCL) 1,333.00p 1.56% Foresight Group Holdings Limited NPV (FSG) 457.00p 1.56% Bank of Georgia Group (BGEO) 4,015.00p 1.52% TBC Bank Group (TBCG) 2,575.00p 1.38%

FTSE 250 - Fallers

Currys (CURY) 71.80p -5.59% Urban Logistics Reit (SHED) 118.60p -4.05% SDCL Energy Efficiency Income Trust (SEIT) 66.80p -3.33% AO World (AO.) 110.80p -2.98% Hochschild Mining (HOC) 170.20p -2.85% Aston Martin Lagonda Global Holdings (AML) 146.40p -2.85% Energean (ENOG) 984.50p -2.62% Sirius Real Estate Ltd. (SRE) 93.70p -2.60% TR Property Inv Trust (TRY) 311.00p -2.20% Premier Foods (PFD) 161.40p -2.18%