Follow MarketWatch’s live coverage of the consumer price index for August. It's the final inflation report that will dictate whether — and by how much — the Federal Reserve cuts interest rates next week.

London stocks rose on Thursday, boosted by industrials and bank stocks, as investors assessed corporate earnings and latest U.S. inflation data.

Shares of Oracle surged 36% in yesterday's session after the company's cloud growth estimates amazed Wall Street. Chairman Larry Ellison raked in an especially notable haul.

U.S. stock futures are trimming earlier gains on Thursday following the latest economic numbers, which showed modest inflationary pressures persisting in August and a larger weekly number of Americans applying for unemployment benefits than expected.

Inflation rose last month as the price of gas, groceries, and airfares jumped, while a measure of layoffs also increased, putting the Federal Reserve in a tough spot as it prepares to cut rates at its meeting next week despite persistent price pressures.

Although the latest inflation data was largely in line with expectations, a relief to markets, goods prices did tick up modestly over the month. The index for core goods, excluding food and energy, rose 0.

Meanwhile, wholesale inflation unexpectedly declined last month, bolstering the case for the Federal Reserve to cut rates next week. Oracle stunned Wall Street as its CEO said its cloud revenue will skyrocket thanks to a big jump in bookings from the "who's who of AI.