London Stocks Tread Water Ahead of US Inflation and Nvidia Earnings
The London stock market was relatively stable on Wednesday as investors awaited key US inflation data and quarterly results from chipmaker Nvidia.
The FTSE 100 index remained flat at 10,883.88, while Brent crude oil fell 2.3% to $86.52 a barrel, and West Texas Intermediate declined by 2.6% to $80.25, following reports of an interim deal to reopen the Strait of Hormuz.
Richard Hunter, head of markets at Interactive Investor, said 'the holding pattern remained in markets generally ahead of another pivotal day,' highlighting upcoming US inflation data and Nvidia's quarterly results.
Nvidia is expected to report stellar second-quarter revenue growth of 97% to $92 billion, but investors will be scrutinizing the company's outlook for maintaining such extraordinary growth rates.