22.08.202514:42:34UTC+00UK Stocks Poised for Another Record

The FTSE 100 advanced slightly, approaching 8,350 on Friday afternoon, positioning itself for yet another record close. Investors reacted positively to comments from Federal Reserve Chair Jerome Powell made at the Jackson Hole symposium, which hinted at potential rate cuts. Powell indicated that a reduction in rates could positively impact the labor market, even as concerns about inflation persist due to ongoing trade tariffs. Leading the market gains were the banks, driven notably by a nearly 4% rise in Standard Chartered shares, following a favorable decision from the US Department of Justice in a protracted civil case related to sanctions violations. Other significant gainers included Pershing Square Holdings, Airtel Africa, and Hikma Pharmaceuticals. Conversely, Rightmove, Anglo American, Coca-Cola, and Prudential faced the most substantial declines, with losses ranging from 0.8% to 1.1%. For the week overall, the index is on track to increase by approximately 2.3%.