Miners and defensives overperform in London

New data published yesterday seems to confirm that inflation and the job market are cooling in the US. Jobless claims climbed to 239K from 228K the previous week, while producer prices unexpectedly fell to 2.7% year-on-year in March from 4.6% in February. This is viewed as a positive signal towards a more dovish monetary policy by the Fed. The FTSE 100 added 0.2%.

Today, the index was up slightly at the open, led by defensive stocks and miners, tracking higher metal prices.

Among stocks, vet pharmaceutical company Dechra soared by 37% after it announced that it started talks with private equity group EQT for a potential £4.63 billion offer.

Superdry dropped 19.2% after it posted a disappointing trading update and said it considers an equity raise of up to 20% to fund the business.

Things to read today:

Can Intel become the chip champion the US needs? (Financial Times)

Saudi-Led Oil Cuts Risk Fueling Inflation and Harming Global Economy, IEA Says (WSJ)