FTSE 100 Drifts Lower As Chancellor Jeremy Hunt Promises Tax Cuts
(RTTNews) - U.K. stocks traded lower on Friday as chancellor Jeremy Hunt delivers a speech on the state of the economy ahead of the general election.
The chancellor promised further tax cuts if the Conservatives win the general election, and has accused his shadow, Labour's Rachel Reeves, of plotting hikes to fund the opposition party's spending pledges.
The benchmark FTSE 100 was down 26 points, or 0.3 percent, at 8,412 after finishing marginally lower on Thursday.
In corporate news, property development firm Land Securities fell 2.3 percent after annual earnings from rental income dropped to £371 million from £393 million in 2023.
Consumer goods giant Unilever rose half a percent after launching its €1.5bn share buyback program.
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Canadian Market Settles Lower; TSX Sheds 0.6%
The Canadian market ended notably lower on Friday, weighed down by losses in energy, industrials and materials sectors, and on uncertainty about Federal Reserve's interest rate trajectory.
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Dollar Turns In Mixed Performance Against Major Counterparts
The U.S. dollar turned in a sluggish performance on Friday with investors assessing the Federal Reserve's likely moves with regard to interest rate reductions in the wake of most recent economic data, and Fed Chair Jerome Powell's somewhat hawkish comments.
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Canadian Shares Notably Lower
The Canadian market is down in negative territory Friday afternoon with stocks from several sectors reeling under sustained selling pressure amid uncertainty about U.S. interest rate cuts after dovish comments from Fed Chair Jerome Powell.
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Swiss Market Ends Lower On Growth Concerns
Swiss stocks tumbled on Friday, weighed down data showing a slowdown in growth, and uncertainty about Fed interest rate cuts following hawkish comments by the central bank chair Jerome Powell.
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U.S. Dollar Strengthens After Strong Retail Sales Data
The U.S. dollar climbed against its most major counterparts in the New York session on Friday, following the release of the latest batch of economic data, including a Commerce Department report showing retail sales increased by slightly more than expected in October.
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European Stocks Close Lower On Rate Cut Uncertainty, Growth Concerns
European stocks closed lower on Friday, weighed down by concerns about the outlook for U.S. interest rate cuts following Federal Reserve Chair Jerome Powell's hawkish comments. Disappointing economic data from China weighed as well.
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U.S. Business Inventories Inch Up Slightly Less Than Expected In September
With a jump by retail inventories partly offset by dips by manufacturing and wholesale inventories, the Commerce Department released a report on Friday showing U.S. business inventories crept up by slightly less than expected in the month of September. The Commerce Department said business inventories inched up by 0.1 percent in September after climbing by 0.3 percent in August.
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U.S. Industrial Production Falls 0.3% In October As Boeing Strike, Hurricanes Continue To Weigh
With the effects of recent hurricanes and the since-resolved strike at Boeing (BA) continuing to weigh on growth, the Federal Reserve released a report on Friday showing U.S. industrial production decreased in line with economist estimates in the month of October.
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