UK's FTSE 100 Edges Up Amid Global Market Woes

The UK's main stock index, FTSE 100, saw minor gains on Thursday despite global market weakness, especially in the tech sector. Construction and material shares led gains, while spirits group Diageo suffered losses. Investors are now focusing on upcoming economic data and monetary policy outlooks from the U.S. and euro zone.

The UK's main stock index, FTSE 100, managed a slight rise on Thursday, defying a downward trend in global markets following Nvidia's disappointing forecasts. Investor attention has now shifted back to economic data and monetary policy.

The blue-chip FTSE 100 index saw a 0.1% increase at 0714 GMT, recovering from marginal losses on Wednesday which ended a four-day winning streak. In contrast, the mid-cap FTSE 250 dipped 0.1%. Due to limited exposure to tech stocks, UK markets were somewhat insulated from the pullback in AI-related shares that impacted U.S. and Asian markets after Nvidia's forecast fell short of high expectations.

Construction and material shares were the top performers in the UK markets, while Diageo, a spirits group, led sectoral declines with a nearly 2% drop. Centrica's stock rose 1.2% following an upgrade by Jefferies, and Bunzl gained 1% after a rating boost by RBC.

The FTSE 100 is on track for its third consecutive weekly rise, although it has slightly pulled back for the month, trailing behind Europe's STOXX 600 and the U.S. S&P 500 in August. With major earnings reports behind them, investors are closely watching labor market and inflation data from the U.S. and euro zone, seeking clues on the Federal Reserve's probable interest rate cut in September.

(With inputs from agencies.)