FTSE 100 Rises Slightly Before Jackson Hole Meeting

London’s leading financial index, the FTSE 100, closed slightly higher on Thursday, gaining 4.57 points or 0.06%, to finish at 8,288.00. This modest rise occurred amid cautious trading as investors awaited the Jackson Hole economic symposium, where Federal Reserve Chair Jerome Powell is set to speak. Despite the overall gain, mining stocks faced pressure due to declining commodity prices, while JD Sports saw a significant boost following a positive trading update. In contrast to the FTSE, other European indices showed mixed results, with France's Cac 40 ending flat and Germany's Dax rising by 0.24%. Axel Rudolph, a senior technical analyst at IG, noted that the Japanese Nikkei 225 experienced a near 1.5% rally, a trend not mirrored in US or European markets, which remained characterized by low volume and volatility. Economic indicators, including a rise in US jobless claims and a slight decline in UK factory orders, had minimal impact on market sentiment. On the currency front, the British pound continued its strong performance, nearing a year-high against the dollar at 1.309 USD and rising 0.38% to 1.178 euros. In corporate news, JD Sports emerged as the top performer on the FTSE 100, reporting a 2.4% increase in total sales, driven by the opening of 85 new stores globally, despite a 0.8% decline in UK sales. Meanwhile, BP's shares fell by 1% to 426.2p, reflecting a staggering 91% drop in pre-tax profits, while oil prices began to stabilize after recent declines, prompting traders to re-enter the energy market. Other notable gainers included Tesco, Frasers, easyJet, and Admiral Group, all of which saw their stock prices rise significantly.