FTSE 100 lifted by strong earnings from Shell, StanChart

Shell climbed 1% after the energy giant reported a much better-than-expected first-quarter profit of $7.7 billion on the back of strong oil trading and higher refining margins. Standard Chartered jumped 6.9% to lead gains on the blue-chip index after the emerging markets-focused lender posted a 5.5% rise in first-quarter pretax profit that beat estimates.

Britain's blue-chip share index rose on Thursday as shares of Shell and Standard Chartered jumped after strong results, while investors also took comfort from the U.S. Federal Reserve dismissing the possibility of more interest rate hikes.

The blue-chip FTSE 100 gained 0.4% to 8,145.75 points by 0710 GMT, hovering just below its record high of 8,199.95 points hit on Tuesday. Shell climbed 1% after the energy giant reported a much better-than-expected first-quarter profit of $7.7 billion on the back of strong oil trading and higher refining margins.

Standard Chartered jumped 6.9% to lead gains on the blue-chip index after the emerging markets-focused lender posted a 5.5% rise in first-quarter pretax profit that beat estimates. Asian markets rose too, while other European markets were subdued after the Fed kept interest rates steady as expected on Wednesday and Chair Jerome Powell suggested future policy moves could be to keep holding or cutting rates rather than a hike.

Meanwhile, traders are now only fully pricing in a first rate cut by the Bank of England in September. The mid-cap FTSE 250 edged up 0.2% after two sessions of losses.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)