Lunchtime market roundup: Stocks mixed ahead of key US inflation data

Stock prices were mixed on Wednesday ahead of US personal consumption expenditures which are the Federal Reserve’s preferred inflation gauge, as investors brace for Nvidia interim results, while oil prices continued to fall.

During talks in Tehran, foreign ministers from Iran and Oman discussed a “phased framework” that included setting up a “joint temporary navigational corridor through the Strait of Hormuz and an agreement to implement a joint project to clear the strait of mines,” according to a statement.

But Iranian Deputy Foreign Minister Kazem Gharibabadi warned on Wednesday that no military vessel will be allowed to pass through Hormuz, saying: “Before any action is taken to reopen the Strait of Hormuz, the US must fully implement all of the commitments it has violated.”

The FTSE 100 index was down 15.73 points, 0.1%, at 10,870.43. The FTSE 250 was up 68.49 points, 0.3%, at 24,924.54, and the AIM all-share was up 1.65 points, 0.2%, at 817.13.

The Cboe UK 100 was down 0.1% at 1,081.12, the Cboe UK 250 was up 0.2% at 21,728.67, and the Cboe small companies was down 0.2% at 19,032.62.

Hochschild led the FTSE 250, up 7.9%, after the gold miner quadrupled its interim dividend to 4.0 US cents, while half-year pretax profit surged to USD365.8 million and revenue climbed 62% to USD844.4 million.

Softcat was down 1.5%.

Deutsche Bank Research cut the provider of IT infrastructure products to ‘hold’ from ‘buy’, although it raised the price target to 2,140 pence from 1,800p.

Clean energy technology developer Ceres Power, down 0.3%, announced plans to spin out of manganese flow battery technology company RFC Power.

Ceres noted RFC’s £10 million series A funding round, with the former’s cash contribution amounting to £1 million. It will retain around 37% ownership of RFC and will receive a share of future revenues from all products sold.

“Following completion of the fundraise and change in ownership, RFC Power has been rebranded to Certain Energy,” Ceres added.

On AIM, Nexteq was up 6.7%.

Its display and human machine interface technology brand Densitron has won a new order from “a leading supplier of automotive electronics” for customised electric vehicle display solutions, with production starting in H2.

It said it expects production volumes “to materially increase in the following three years as the customer’s product rollout expands.”

Central Asia Metals was 11% higher.

The London-based miner, which focuses on Kazakhstan and North Macedonia, reported pretax profit of USD59.3 million, up sharply from USD19.6 million a year earlier, while revenue climbed to USD145.5 million from USD99.5 million.

Copper sales rose 9.5% to 6,287 tonnes, while the average copper price received jumped 39% to USD13,171 per tonne.

In UK news, Prime Minister Andy Burnham has said rising energy bills are “difficult” for people after Ofgem raised its price cap for Great Britain by 4% to a three-year high and Cornwall Insight analysts forecast a further 9% hike from January.

Speaking to reporters from a supermarket in London, the prime minister said: “It’s difficult for people and I recognise that. But it’s why, within days of taking office, I announced that we would remove VAT off electricity bills to give people that little bit of help. That kicks in from October.”

In European equities on Wednesday, the CAC 40 in Paris was up 0.5%, while the DAX 40 in Frankfurt was up 0.2%.

The pound was quoted lower at USD1.3621 midday Wednesday, compared to USD1.3632 on Tuesday. Against the euro, sterling fell to EUR1.1673 from EUR1.1683 a day prior. The euro stood lower at USD1.1664, against USD1.1671. Against the yen, the dollar was trading lower at JPY159.04 compared to JPY159.25.

Stocks in New York were called lower. The Dow Jones Industrial Average was called marginally lower, the S&P 500 index down 0.1%, and the Nasdaq Composite down 0.3%.

The main corporate event scheduled for Wednesday is interim results from AI major Nvidia. Its stock was up 0.4% pre-market.

“Assuming there is no major movement in either a positive or negative direction in geopolitical terms, [Nvidia’s results] are likely to set the tone for markets through the remainder of the week,” commented AJ Bell Investment Director Russ Mould. “Investors typically assume Nvidia will always beat expectations, so the AI chip giant will have to produce or say something very special to truly impress the market.

“Should Nvidia guide for revenue of USD100 billion for the third quarter, it’s possible to see investors in party mode. The company is moving closer to this threshold, having chalked up USD81 billion in the first quarter, with second-quarter revenue of USD92 billion forecast.”

The yield on the US 10-year Treasury was quoted at 4.64%, narrowing from 4.65%. The yield on the US 30-year Treasury was quoted at 5.17%, narrowing from 5.19%.

Gold was quoted lower at USD4,623.65 an ounce against USD4,642.09.

Brent oil was quoted lower at USD84.89 a barrel at midday in London on Wednesday from USD89.31 late Tuesday.

“Oil prices fell to a two-week low on rising hopes over potential improvements in the situation in the Middle East,” said Kudo Head of Customer Relationship Management Konstantinos Chrysikos. “Reports of progress in the dialogue between Iran and Oman regarding the management of the Strait of Hormuz has raised hopes that navigation restrictions could be eased.

“Iranian officials have indicated that the two sides have agreed on a temporary corridor for vessels, with a permanent arrangement expected within two months. Any improvements in shipping conditions could allow for more cargoes to pass through, easing concerns over supply disruptions. Progress in the talks between Iran and Pakistan is also easing geopolitical risk and reinforcing selling pressure.”

Still to come on Wednesday’s economic calendar, alongside crucial PCE data, the US has gross domestic product data and durable goods orders.

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