The FTSE 100 and European markets finished the week lower in London, while US indices were tepid as AI euphoria, led by chipmaker Nvidia, appears to cool.
The FTSE 100 (^FTSE) was 0.2% lower, while the CAC (^FCHI) and DAX (^FCHI) also pulled 0.2% and 0.3% downwards respectively.
The pan-European STOXX 600 (^STOXX) fell about 0.5%.
Across the pond, the Dow (^DJI) opened 0.1% higher, while the S&P 500 (^GSPC) and Nasdaq (^IXIC) were almost flat.
Thursday's dip in the S&P 500 and Nasdaqregistered as notable mainly because it was an anomaly in recent weeks. The S&P had been flying higher, briefly crossing 5,500 for the first time Thursday. But the Nasdaq snapped a streak of seven straight record closes with its loss in the prior session.
The moves come despite a week of broadly positive news for the UK economy. Fresh data showed inflation had hit the Bank of England's target of 2% on Wednesday and the Bank held rates at 5.25%, with split opinions from policymakers about how soon Threadneedle Street should start cutting.
On Friday, retail sales data showed a pick up in consumer spending in May. Sales volumes rose by 2.9% in May 2024, following a fall of 1.8% in April 2024 (revised from a fall of 2.3%).
According to the ONS, sales volumes rose across most sectors, with clothing retailers and furniture stores rebounding.
UK public debt hit £15bn in May, jumping to highest since 1961, ONS data published on Friday showed.
Comments