Intel Jumps, CarMax Slumps as Dollar Holds Gains

Intel rose nearly 9% on Thursday after reports it approached Taiwan Semiconductor Manufacturing Company about potential manufacturing partnerships, while CarMax dropped more than 20% after weaker second-quarter profit pulled shares to their lowest in over five years. On currency markets, the dollar index steadied at 98.37 after US GDP was revised up to 3.8% and jobless claims fell, with the greenback trading at 149.7 yen and the euro at $1.168. Gold held at $3,748 per ounce on Friday morning, supported by safe-haven demand after US President Donald Trump announced new tariffs, including 100% duties on branded pharmaceuticals and 25% on heavy trucks.

Equities

Britain’s FTSE 100 closed 0.3% higher on Wednesday, reversing earlier losses, supported by strength in mining and defence shares. Antofagasta led gains in the index, rising 9.3% after copper prices climbed to their highest level in more than 15 months on the London Metal Exchange. Anglo American advanced 4.7% after Angola’s state diamond company Endiama made a bid for a minority stake in its De Beers diamond unit, while Glencore added nearly 3%.

Defence stocks also rose, with Babcock International up 4.3% and BAE Systems 2.2% stronger after President Donald Trump said he believed Ukraine could retake all territory occupied by Russia. Among retailers, JD Sports Fashion slipped 0.8% after reporting a 13.5% fall in first-half profit. In the FTSE 250, Pinewood Technologies dropped 14.9% after projecting its 2025 EBITDA below analyst forecasts, while Baltic Classifieds Group fell 5.1% after results came in under expectations. Goodwin surged 19.7% after announcing a strategic collaboration between its Goodwin Steel Castings unit and Northrop Grumman International Trading.

On Wall Street, major indices closed lower on Thursday as data unsettled expectations for further rate cuts. The Dow Jones Industrial Average fell 0.38% to 45,947.32, the S&P 500 lost 0.5% to 6,604.72, and the Nasdaq Composite dropped 0.5% to 22,384.70. Initial jobless claims fell by 14,000 to 218,000 in the week ending 20 September, while GDP growth for the second quarter was revised upwards, adding to debate over the Federal Reserve’s next moves.

Among US companies, Intel shares jumped 8.9% after reports in the Wall Street Journal said the chipmaker had approached Taiwan Semiconductor Manufacturing Company about potential investments or partnerships in manufacturing. CarMax slumped 20.1% after posting a drop in second-quarter profit, its lowest share level in over five years. Accenture shares fell 2.7% even though quarterly revenue came in above expectations. Investors are now focused on Friday’s Personal Consumption Expenditures price index, the Fed’s preferred inflation gauge, and next week’s monthly jobs report.

Forex & Commodities

The dollar steadied, consolidating sharp gains made a day earlier after stronger US data cut expectations of larger rate reductions by the Federal Reserve. The dollar index was quoted at 98.37, while the greenback traded at 149.7 yen, close to levels last reached in early August. The euro was slightly firmer at $1.168. Revised figures showed US GDP growth at 3.8% between April and June, compared with the 3.3% initially reported, while jobless claims and durable goods orders also surprised to the upside. Markets now see a reduced chance of a 50-basis-point cut by December, with attention focused on the release of the personal consumption expenditures (PCE) inflation index later in the day.

Gold was steady at $3,748 per ounce early on Friday, holding a weekly rise of 1.6%. Sentiment was shaped by uncertainty ahead of the PCE data following the upward revision in US growth figures. Platinum traded at $1,541, close to a 12-year high, while palladium was quoted at $1,262. Silver edged lower to $44.83. Buying in Asia remained firm outside China, where physical demand continued to weaken.

Oil prices ticked higher this morning, with Brent at $69.63 a barrel and US West Texas Intermediate at $65.30. Both contracts are on track for their biggest weekly gains in three months after Ukraine’s drone strikes on Russian energy infrastructure prompted Moscow to impose a partial ban on diesel exports until the end of the year and extend its existing gasoline export ban. The disruption has increased pressure on Russian refining capacity, with output cuts now likely. Gains were tempered by news that Iraq’s Kurdistan region will resume exports within 48 hours, potentially returning up to 500,000 barrels per day to the market.