LIVE: FTSE closes lower and Wall Street advances as US inflation declines
How major markets are performing on Friday
The FTSE 100 (^FTSE) and European stock markets finished lower on Friday, despite a positive trading session overnight in Asia, after a raft of disappointing earnings numbers from Big Tech companies. US stocks, meanwhile, opened higher as inflation declined.
London's benchmark index ended 0.8% down after struggling for gains over the past few days, while the CAC (^FCHI) lost 1.2% in Paris.
The Frankfurt DAX (^GDAXI) slipped 0.1% during the session, suffering its 6th successive weekly decline, and falling back to levels last seen in March. The Stoxx 600 (^STOXX) was 0.7% lower.
Across the pond, the S&P 500 (^GSPC) rose 0.2% by the time of the European close, and the tech-heavy Nasdaq (^IXIC) was 1.1% higher as the core personal consumption expenditures (PCE) price index rose by 3.7% in the year to September, down from 3.8% in August.
The Dow Jones (^DJI) was 0.3% down in New York after the bell.
"Core inflation continues to lose speed," Jeffrey Roach, chief economist for LPL Financial, said. "This report will not likely change the Fed's view that inflation will slow in the coming months as demand slows."
Meanwhile, Michael Hewson, of CMC Markets, said: "...Caution over guidance from the likes of Alphabet and Meta Platforms has helped overshadow concerns about an escalation of the conflict in the Middle East between Israel and Hamas,"
The combination of these two factors has also helped to undermine the previously resilient Nasdaq 100, sending it to its lowest levels since May, although it did find support at its 200-day SMA [simple moving average]."
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He added: "With US markets starting to look slightly more vulnerable to a broader correction and an increasingly uncertain geopolitical backdrop there has been little reason for investors to get overly enthusiastic about looking to get back into the market, instead moving into safer haven type plays like gold, the Swiss franc, and US treasuries."
Watch: How does inflation affect interest rates?
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