FTSE 100 Steady Amid Mixed Sector Performance, Jackson Hole Symposium in Focus

The UK's FTSE 100 remained mostly unchanged as falling metal prices impacted heavyweight companies. Retailers performed well, led by JD Sports Fashion. British business activity increased, while U.S. activity declined, indicating potential inflation cooling. Attention now turns to the Jackson Hole economic symposium, with Fed Chair Jerome Powell's speech highly anticipated.

The UK's benchmark FTSE 100 ended little changed on Thursday as lower metal prices weighed on sectoral heavyweights. Investors assessed softer U.S. business activity data ahead of the Jackson Hole economic symposium.

Industrial metal miners led sectoral declines, slipping 1.5%, followed by precious metal miners with a 1.1% drop. Copper and gold prices eased as the dollar ticked up, affecting heavyweights Glencore, Anglo American, and Hochschild, which fell between 1.8% and 2.7%. Conversely, retailers saw gains. JD Sports Fashion surged 10.7% after reporting a 2.4% rise in second-quarter underlying sales.

British business activity sped up this month, with cost pressures at their weakest in over three years, signaling growth momentum for the second half of 2024. In the U.S., business activity fell to a four-month low in August, increasing the likelihood of continued downward inflation trends. Focus now shifts to the Jackson Hole economic symposium, where Fed Chair Jerome Powell is expected to discuss the potential for a September rate cut amid dovish comments from other central bank officials.