The blue-chip FTSE 100 index rose 0.26% to 10,664.93 points by 1018 GMT, headed for its biggest monthly loss since March and its seventh consecutive quarterly gain
International News via Reuters:
London’s FTSE 100 rose on Wednesday as investors assessed stronger-than-expected GDP data, and was on course for a monthly loss as persistent inflation concerns and rising bond yields dampened sentiment.
The blue-chip FTSE 100 index rose 0.26% to 10,664.93 points by 1018 GMT, headed for its biggest monthly loss since March and its seventh consecutive quarterly gain.
The midcap FTSE 250 climbed 0.74% but was set to dip for the month.
• Britain’s economy grew more quickly than previously thought in the second quarter, with output expanding by 0.5% in the April-to-June period, the Office for National Statistics said
• The data showed unexpected resilience in the face of geopolitical upheaval and a global bond market crisis
• The positive data helped cyclical stocks, with banks being the biggest boost to the index
• The utilities sector rose 2.7% a day after UK PM Andy Burnham made a series of policy announcements for the sector
• Electricity firms National Grid and SSE added about 3% each, while water companies United Utilities and Severn Trent climbed about 2.3% each
• Energy stocks dropped around 1%, limiting gains
• Bank of England policymaker Alan Taylor said it was unclear that it would be practical for the BoE to do a single rate hike to tame inflation without fuelling unwarranted market speculation of further increases
• Traders are pricing at least one 25-basis-point rate hike by the BoE this year, according to data compiled by LSEG
• Greggs advanced 7.4% after the fast-food chain raised its annual profit outlook as underlying sales growth accelerated in the third quarter
• Across the Atlantic, US personal consumption expenditures figures will be under scrutiny as investors look for clues to the Federal Reserve’s monetary policy path
Reporting by Anand Gopal in Bengaluru; Editing by Mrigank Dhaniwala
