Britain's FTSE 100 slips as Nvidia optimism fails to lift market

According to Business Recorder, London's FTSE 100 was trading lower on Thursday, down 0.5% at 10,820.66 points by 1000 a.m. GMT. Technology stocks led sector gains with a 1% rise, lifted by upbeat results from the AI chipmaker Nvidia, but declines elsewhere outweighed them. Beverages, chemicals and real estate investment trusts were the weakest groups, falling between 1% and 1.6%.

Nvidia had forecast a 70% jump in revenue for its next fiscal year on Wednesday, pointing to sustained demand for AI computing. The midcap FTSE 250 edged down 0.04%. Elsewhere, the United States and Iran traded accusations over Washington's plan to pressure Tehran by sanctioning its trading partners, while Qatar's prime minister was due in Tehran on Thursday to revive diplomacy. Oil prices dropped more than $1 as hopes rose that Iran-Qatar talks could reopen the Strait of Hormuz.

Halfords climbed 12.6%, ranking first on the FTSE Midcap index, after it signalled full-year profit ahead of analyst forecasts. Computacenter rose 4.7% to lead the FTSE 100 after Peel Hunt raised its rating and target to 6,000 pence from 4,400 pence. Attention also turned to Warsh's address at the Jackson Hole event due on Friday, as traders modestly raised their wagers on a rate increase next month after inflation came in hotter than expected.