Alphabet hits record, gold slips, oil extends fall

Alphabet jumped 9.1% on Wednesday after a US court ruling preserved control of Chrome and Android, boosting both Alphabet and Apple shares. Gold retreated to $3,531 per ounce on Thursday after hitting a record $3,578 the day before, while Brent crude slid to $67.16 a barrel as OPEC+ prepared to discuss further output hikes. The FTSE 100 closed 0.7% higher on Wednesday, helped by gains in Anglo American.

Equities

The FTSE 100 closed 0.7% higher on Wednesday, recovering from its sharpest fall in nearly five months the day before. Gains came from banks and healthcare stocks, with miners also adding strength as metals prices rose.

Anglo American ended the session up 2.3% after confirming plans to sell its remaining stake in Valterra Platinum. Hochschild Mining jumped 7.6% to its highest level since 2013 following news it would sell its Chile-based Volcan gold project. Watches of Switzerland rose 6.1% after ruling out a material impact from US tariffs and confirming that it remained on track to meet first-half guidance on the back of solid American demand.

Energy stocks weighed on the index, with BP and Shell each down about 1.3% as oil prices slipped. Hilton Food Group fell sharply, losing 17.4% after flagging higher costs in its seafood division and regulatory issues at its Foppen unit in Greece.

In the US, the S&P 500 gained 0.5% and the Nasdaq rose 1% on Wednesday, while the Dow slipped 0.1%. Alphabet surged 9.1% after a late Tuesday ruling in a US court blocked moves to break up the company. The decision allows it to retain control of Chrome and Android but restricts some exclusive contracts. The judgment also preserved its lucrative search agreement with Apple, which sent Apple shares up 3.8% on Wednesday.

Macy’s delivered the largest percentage move among major US retailers, climbing 20.7% after it raised annual forecasts. Dollar Tree fell 8.4% after warning that current-quarter profit would come in below expectations, citing higher costs linked to tariffs.

Among industrial names, Boeing slipped 2.1% as the Dow edged lower. Trading volumes across US exchanges stood at 14.95 billion shares, below the 20-day average of 16.18 billion. On balance, advances outnumbered declines on the NYSE, though Nasdaq breadth was negative with more decliners than advancers.

Investors kept a close watch on signals from the Federal Reserve, with several officials, including Governor Christopher Waller and Atlanta Fed President Raphael Bostic, pointing to the likelihood of a rate cut later this month. Fed funds futures now price a 96% chance of a 25 basis point cut at the meeting ending 17 September.

A softer-than-expected US job openings report in July added to those expectations. Meanwhile, in the UK, finance minister Rachel Reeves confirmed she would deliver the annual budget on 26 November, promising tighter control of public spending.

Forex & Commodities

The US dollar held steady in Asian trading on Thursday after easing the previous day, with traders cautious ahead of Friday’s non-farm payrolls report.

The dollar index was flat at 98.23 after slipping on Wednesday. Sterling traded at $1.343, close to the four-week lows it reached on Wednesday, while the euro was little changed at $1.165. The yen was stable at 148.2 per dollar. Traders are now pricing in a 97% chance of a 25-basis-point cut at the Federal Reserve’s meeting on 17 September, following data on Wednesday showing US job openings fell to a 10-month low in July.

Spot gold slipped on Thursday morning to $3531 per ounce after profit-taking, having touched a record high of $3578 on Wednesday. Silver eased to $40.82 per ounce after reaching its highest since 2011 in the previous session, while platinum fell to $1409 and palladium to $1129.

Oil prices extended their decline on Thursday ahead of the OPEC+ meeting this weekend. Brent crude slipped to $67.14 per barrel by early Asian trading, while US West Texas Intermediate fell to $63.50. Prices had already dropped by more than 2% on Wednesday. According to sources, OPEC+ producers will consider raising production further in October, adding to the 2.2 million barrels per day increase already agreed since April.