FTSE 100 Drifts Lower Ahead Of BoE Rate Decision
(RTTNews) - U.K. stocks fell sharply on Thursday after the U.S. Federal Reserve cut rates as expected and penciled in two more for 2025, fewer than four seen in September.
Investors also braced for the Bank of England's last meeting of the year later in the day.
The central bank is widely expected to hold rates at 4.75 percent after data showed a high rate of wage growth and inflation above the bank's 2 percent target.
The benchmark FTSE 100 was down 90 points, or 1.10 percent, at 8,109 after finishing marginally higher the previous day.
In corporate news, Serco Group shares jumped nearly 7 percent. The outsourcing giant Serco forecast full-year revenue of £4.8bn in line with its prior guidance.
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Philly Fed Index Unexpectedly Slides To Lowest Level In Over A Year In December
Philadelphia-area manufacturing activity declined overall in the month of December, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday. The Philly Fed said its diffusion index for current general activity slumped to a negative 16.4 in December from a negative 5.5 in November, with a negative reading indicating contraction.
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5h 6min ago
U.S. Economy Unexpectedly Grows More Than Previously Estimated In Q3
The Commerce Department released a report on Thursday showing the pace of U.S. economic growth unexpectedly surged by more than previously estimated in the third quarter. The report said gross domestic product shot up by 3.1 percent in the third quarter, reflecting an upward revision from the 2.8 percent jump previously reported. Economists had expected the pace of growth to be unrevised.
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5h 16min ago
U.S. Jobless Claims Pull Back More Than Expected
A report released by the Labor Department on Thursday showed first-time claims for U.S. unemployment benefits pulled back by more than expected in the week ended December 14th. The Labor Department said initial jobless claims fell to 220,000, a decrease of 22,000 from the previous week's unrevised level of 242,000. Economists had expected jobless claims to dip to 230,000.
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5h 20min ago
Darden Restaurants Lifts FY25 Sales Forecast After Q2 Beats Market; Stock Climbs
Shares of Darden Restaurants Inc. were gaining more than 9 percent in the pre-market activity on the NYSE after the company maintained its fiscal 2025 earnings view, and lifted sales forecast to reflect the recently acquired Chuy's operating results. In its second quarter, profit and sales increased and beat market estimates.
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6h 10min ago
Bank Of England Holds Key Rate Steady; More Members Sought Reduction
The Bank of England decided to leave its benchmark rate unchanged on Thursday as majority of policymakers called for a gradual approach to the withdrawal of policy restrictiveness amid acceleration in inflation and wage growth, while the divide in the rate-setting body widened. The Monetary Policy Committee, led by Governor Andrew Bailey, voted 6-3 to hold the bank rate at 4.75 percent.
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6h 16min ago
Philly Fed Index Unexpectedly Slides Further Into Negative Territory In December
Philadelphia-area manufacturing activity declined overall in the month of December, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.
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6h 30min ago
U.S. GDP Unexpectedly Surges More Than Previously Estimated In Q3
The Commerce Department released a report on Thursday showing the pace of U.S. economic growth unexpectedly surged by more than previously estimated in the third quarter.
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6h 36min ago
U.S. Weekly Jobless Claims Fall More Than Expected
A report released by the Labor Department on Thursday showed first-time claims for U.S. unemployment benefits pulled back by more than expected in the week ended December 14th.
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6h 39min ago
