Financial markets struggle to find direction

Markets drifted aimlessly yesterday as traders reversed some of the gains made earlier in the week.

This included the FTSE 100, which closed the day down 25.14 points, or 0.35%, at 7124.98.

In the dog days of August, with trading volumes at traditional lows, most were waiting for US Fed chief Jerome Powell’s Jackson Hole speech today where he will give his overview of the economy.

With little in the way of major economic news, market watchers were keeping their eyes out for scraps to bring about some excitement, and typically turn to the US for a booster.

This came in the form of jobs data and the latest revision to the US’s GDP data for the second quarter, which was revised up slightly, but not enough to cause excitement.

The French Cac and German Dax closed the day down, dropping 0.16% and 0.42% respectively.

The pound fell 0.04% against the dollar to 1.371 and 0.1% against the euro at 1.166.

Recruitment giant Hays posted a 2% rise in pre-tax profits to £88.1m for the year to June 30, with growth ramping up in the second half.

Group fees fell 24% in the final six months of 2020, but rebounded by 13% in the first six months of this year.

The boosts kept shareholders hopeful for further growth as the job market heats up, with shares in Hays closing up 6.4p at 163.4p.

British Land updated investors on its plans to focus on campus assets, alongside retail and fulfilment projects through £350 million of recent sales and acquisitions.

This included a technology park in Cambridge for £75m and a business park in Guildford for £12m.