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US Inflation Steady in August as Fed Rate Hike Odds Jump to 87%
US consumer price inflation held steady at 3.4% year-on-year in August, with core inflation cooling to 2.4% annually, but a hotter-than-expected 0.3% monthly core gain lifted market-implied odds of a Federal Reserve rate hike next week to 87% from 72% a day earlier, according to the CME FedWatch Tool. Barclays said the data support a 25 basis point increase at the September meeting, while Oxford Economics analyst Bernard Yaros called a hike "no slam dunk" and ING described any move as a "recalibration" rather than the start of a hiking cycle. London's FTSE 100 closed up 41.52 points, or 0.4%, at 10,650.44, though the large-cap benchmark still fell 1.7% over the week, its worst since July, while the FTSE 250 added 89.79 points to 23,975.73 and the AIM all-share rose 2.92 points to 790.87. In New York, the Dow Jones Industrial Average was up 1.0%, the S&P 500 added 1.1% and the Nasdaq Composite surged 1.3%, helped by US Treasury yields and oil prices easing from earlier highs. Among UK movers, Trainline rose 1.8% after reiterating full-year guidance and announcing a new £100 million share buyback, C&C surged 13% on its agreement to acquire Asahi UK's wholesale interests, and Rightmove gained 2.9% after Sachem Head disclosed a roughly 6.0% stake.