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UK's FTSE 100 Closes Week in Green; Shell Gains

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London shares staged a recovery at the end of the week, with the UK's FTSE 100 index up 0.22% at closing on Friday, as investors continued to assess the economic fallout from the six-month-old Iran conflict and its impact on energy markets.

The conflict has kept fuel prices and the security of shipments through the Strait of Hormuz in focus, with diplomatic efforts to ease tensions yet to produce a lasting resolution. "It is noteworthy that in the run-up to this inauspicious anniversary, there has been something of a messaging shift from the White House, with imminent conflict conclusion narratives being replaced by ones of the Hormuz being essentially open," RBC Capital Markets said.

On the domestic front, data from the UK's Office for National Statistics showed the Household Costs Index rose 2.8% in the 12 months to June, slowing from 3.6% in the year to March. The measure, which tracks the costs faced by UK households, showed annual inflation easing across several household groups.

Meanwhile, the UK's Competition and Markets Authority secured compensation for customers whose heating-oil orders were canceled after prices surged amid supply restrictions linked to the Middle East conflict. The regulator said the cancellations may have violated contracts, with the affected customers to receive compensation under a scheme agreed with participating suppliers.

On the corporate front, Shell (SHEL.L) ended years-long discussions with Polish energy group Unimot over the potential sale of its interest in the Russia-linked Schwedt refinery in Germany, Bloomberg News reported, citing people familiar with the matter. Shell shares closed 0.88% in the green.

In court-related news, Alphabet's Google agreed to pay 260 million pounds sterling to settle a UK collective action alleging it abused its market position and overcharged app developers through its Play Store. The settlement is subject to court approval.

Next week, investors will turn to Nationwide's house price data, mortgage approvals and final S&P UK manufacturing, services and construction PMI readings. Bank of England Governor Andrew Bailey is also scheduled to speak on Sept. 4.

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Update: US Equity Indexes Rise as Nvidia's Blockbuster Guidance Helps Technology Offset Declines in Remaining Sectors

(Updates with index/price moves, macroeconomic data and analyst comments from the first paragraph.)US equity indexes advanced after Nvidia's (NVDA) strong fiscal Q2 results boosted mega-caps in the technology sector, helping outweigh declines in every other peer group.The Nasdaq Composite jumped 1.6% to 26,541.35, the S&P 500 climbed 0.7% to 7,730.99, and the Dow Jones Industrial Average edged up 0.2% to 53,569.44 on Thursday. All sectors, except technology, declined. Consumer staples, healthcare and consumer discretionary were among the worst performers.Shares of Nvidia jumped 8.7%, among the top gainers across all three mainstream indexes, after fiscal Q2 earnings and revenue more than doubled from a year earlier and its Q3 sales outlook beat estimates. Nvidia offered a surprisingly strong fiscal 2028 revenue outlook, while its gross margin guidance provided clarity amid rising memory costs, Morgan Stanley said in a note.Salesforce (CRM) surged 23%, the lead on the S&P 500 and the Dow, after the company posted higher fiscal Q2 adjusted earnings and sales, and lifted fiscal 2027 guidance.CrowdStrike (CRWD) soared 20%, one of the biggest gainers in the S&P 500 and Nasdaq, after the company reported higher fiscal Q2 adjusted earnings and revenue, and raised its full-year net new annual recurring revenue outlook. This is a "blowout quarter as AI demand inflects across the platform," according to a Truist Securities note.Among companies with market capitalizations exceeding $200 billion each, nine of the top 10 names by daily returns were in the technology sector, with Salesforce leading the pack, according to data compiled by Finviz.Qatar's foreign ministry said Iran and Doha discussed an agreement to implement a "joint project" to clear mines from the Strait of Hormuz as well as "efforts to reduce escalation and create appropriate conditions for dialogue," according to a report from Al Jazeera, a Middle Eastern broadcaster.Iran's security chief, Mohsen Rezaei, said the "US must first take practical steps to fulfil Iran's conditions, and then Iran will proceed to open the Strait of Hormuz", according to Al Jazeera, which cited a report from the Islamic Republic News Agency. The former Islamic Revolutionary Guard Corps commander reiterated previous pledges by Tehran that if Washington "starts any evil", Iran would "bring disaster to its military and economic interests".The front-month US West Texas Intermediate crude oil contract climbed 1.7% to $83.66 per barrel, and global benchmark North Sea Brent jumped 2.2% to $89.77 per barrel.In economic news, the advance international trade in goods deficit widened to $118.81 billion in July from $101.41 billion in June, according to data released by the US Census Bureau, surpassing the $100.5 billion deficit expected in a survey compiled by Bloomberg.US initial jobless claims fell to 203,000 in the week ended Aug. 22 from an upwardly revised 207,000 in the previous week, versus expectations for an increase to 208,000 in a survey of analysts compiled by Bloomberg.Most US Treasury yields edged up on Thursday. The 10-year yield inched up by less than one basis point to 4.67%, and the two-year was little changed at 4.23%.

Dow JonesNasdaq CompositeS&P 500$CRM$CRWD$NVDA
Asia Markets

Update: US Equity Indexes Rise as Nvidia's Blowout Quarterly Results Lift Technology

(Updates with index/price moves, macroeconomic data, and company/geopolitical news from the first paragraph.)US equity indexes rose after Nvidia's (NVDA) strong fiscal Q2 results boosted technology, helping outweigh declines in all other sectors.The Nasdaq Composite jumped 1.4% to 26,505.5, the S&P 500 climbed 0.7% to 7,732.1, and the Dow Jones Industrial Average advanced 0.3% to 53,635.9 after midday Thursday. All sectors, except technology, declined. Consumer staples and consumer discretionary were among the worst performers.Shares of Nvidia jumped 9.4%, among the top gainers across all three mainstream indexes, after the company posted fiscal Q2 earnings and revenue that more than doubled from a year earlier, and issued a fiscal Q3 revenue forecast above analysts' expectations.Nvidia offered a surprisingly strong fiscal 2028 revenue outlook, while its gross margin guidance provided clarity amid rising memory costs, Morgan Stanley said in a note.Salesforce (CRM) surged 22%, the leader on the S&P 500, the Nasdaq, and the Dow, after the company posted higher fiscal Q2 adjusted earnings and revenue, and lifted its fiscal 2027 guidance.CrowdStrike (CRWD) soared 19%, also one of the biggest gainers on the three indexes, after the company reported higher fiscal Q2 adjusted earnings and revenue, and raised its full-year net new annual recurring revenue outlook. This is a "blowout quarter as AI demand inflects across the platform," according to a Truist Securities note.Among companies with market capitalizations exceeding $200 billion each, all top 10 names by intraday returns were in the technology sector, according to data compiled by Finviz. Of those 10 firms, almost all were from either the software or semiconductor industries, with Salesforce leading the pack.Instead of succumbing to the threats of economic destruction by the Trump administration, Iran is touting its ability to inflict reciprocal pain, CNN reported."If the economic war continues, not a single drop of oil will be exported, neither through the Strait of Hormuz nor from anywhere in the Persian Gulf," Mohsen Rezaei, the leader of Iran's Supreme National Security Council, was cited as saying on X, according to CNN. "We will retaliate in an earthquake-like manner," he said later in a televised interview.Qatar's foreign ministry said Iran and Doha discussed an agreement to implement a "joint project" to clear mines from the Strait of Hormuz as well as "efforts to reduce escalation and create appropriate conditions for dialogue," according to a report from Al Jazeera, a Middle Eastern broadcaster.The front-month US West Texas Intermediate crude oil contract climbed 0.8% to $82.90 per barrel, and global benchmark North Sea Brent jumped 1.3% to $88.95 per barrel.In economic news, the advance international trade in goods deficit widened to $118.81 billion in July from $101.41 billion in June, according to data released by the US Census Bureau. This was a wider gap than the $100.5 billion deficit expected in a survey compiled by Bloomberg. Exports fell 2.9% in July while imports rose by 3.7%.US initial jobless claims fell to 203,000 in the week ended Aug. 22 from an upwardly revised 207,000 in the previous week, in contrast with expectations for an increase to 208,000 in a survey of analysts compiled by Bloomberg. The four-week moving average rose by 1,250 to 205,500 after increasing in the previous week.The Fed's annual economic policy Symposium at Jackson Hole, Wyoming, is set to kick off on Thursday, with Chair Kevin Warsh scheduled to speak on Friday.Most US Treasury yields slipped after midday. The 10-year yield was steady at 4.66%, and the two-year was unchanged at 4.22%.

Dow JonesNasdaq CompositeS&P 500$CRM$CRWD$NVDA
Asia Markets

Exchange-Traded Funds Rise as US Equities Advance After Midday

Broad Market IndicatorsBroad-market exchange-traded funds IWM and IVV were higher. Actively traded Invesco QQQ Trust (QQQ) added 1.2%.US equity indexes rose after Nvidia's (NVDA) strong fiscal Q2 results helped boost the technology sector.EnergyIShares US Energy ETF (IYE) and the State Street Energy Select Sector SPDR (XLE) each shed 0.5%.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) rose 2.9%; iShares US Technology ETF (IYW) and iShares Expanded Tech Sector ETF (IGM) also edged higher.The State Street SPDR S&P Semiconductor (XSD) was up 1.9%, while iShares Semiconductor (SOXX) added 1.6%.FinancialThe State Street Financial Select Sector SPDR (XLF) shed 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) declined 0.9%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), advanced 1.2%.CommoditiesCrude oil gained 0.6%, and the United States Oil Fund (USO) added 1.1%. Natural gas rose 2%, and the United States Natural Gas Fund (UNG) was up 1.4%.Gold on Comex gained 0.2%, and the State Street SPDR Gold Shares (GLD) was up 0.4%. Silver added 2.1%, and iShares Silver Trust (SLV) rose 1.9%.ConsumerThe State Street Consumer Staples Select Sector SPDR (XLP) shed 0.9%. The Vanguard Consumer Staples ETF (VDC) fell 1%, while iShares Dow Jones US Consumer Goods (IYK) lost 0.9%.The State Street Consumer Discretionary Select Sector SPDR (XLY) fell 0.8%. VanEck Retail ETF (RTH) was down 1.1%, and the State Street SPDR S&P Retail (XRT) declined 1.6%.HealthcareThe State Street Health Care Select Sector SPDR (XLV) eased 0.6%. iShares US Healthcare (IYH) and Vanguard Health Care ETF (VHT) were also lower. IShares Biotechnology ETF (IBB) lost 0.1%.IndustrialThe State Street Industrial Select Sector SPDR (XLI) fell 0.7%. Vanguard Industrials Index Fund (VIS) and iShares US Industrials (IYJ) were also lower.CryptocurrencyIn midday activity, bitcoin (BTC-USD) rose 2.6%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) added 2.5%, ProShares Ether ETF (EETH) was up 2.1%, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) gained 1.7%.

Dow Jones^EEM^EXI^FAS^FAZ^GLD^IBB^IGM^IGV^IPK^IVV^IWMNasdaq Composite^IYE^IYH^IYJ^IYK^IYW^PMR^QQQ^RTH^SOXXS&P 500^SPY^UNG^USO^VDC^VHT^VIS^XLE^XLF^XLI^XLK^XLP^XLV^XRT^XSD$BETH$BITO$EETH$NVDA