London stocks gain on reopening optimism

"We expect second-quarter (economic) data to be awful because that's the quarter that took the maximum impact of the lockdown, (so) going ahead markets will look at company outlooks," Beauchamp said. Hikma Pharmaceuticals slumped 7.5% on news that Boehringer Ingelheim, a major shareholder in the London-listed drugmaker, was selling most of its nearly 1-billion-pound ($1.25 billion) stake to institutional investors.

London shares rose on Tuesday as Prime Minister Boris Johnson prepared to further relax a coronavirus-led lockdown, with investors also awaiting the latest batch of business activity data for signs of a post-pandemic economic recovery. The blue-chip FTSE 100 was up 0.9%, with the increase in risk appetite boosting financial, industrial, and mining stocks. The mid-cap FTSE 250 added 1.1%.

Global stock markets also inched higher after U.S. President Donald Trump said the U.S.-China trade pact was "fully intact", clarifying earlier confusing statements from the White House over the fate of the deal. "The market is viewing all good news in the best possible light, while negative news is being shrugged off and I see this kind of trend continuing for the time being," said Chris Beauchamp, chief market analyst at IG Group.

A raft of global stimulus and the easing of coronavirus-induced lockdowns have powered the FTSE 100 following its crash to an eight-year low in March, with the export-heavy index now only down about 16% on the year. In the next stage of relaxing a nationwide shutdown, Johnson is expected to say on Tuesday that cinemas, museums, and galleries in England can reopen from July 4 and is set to announce the findings of a review into social distancing.

After data showed an economic downturn in the eurozone eased with businesses reopening in June, the focus will be on flash readings of the UK's June Purchasing Managers' Index (PMI) surveys, due later in the day. "We expect second-quarter (economic) data to be awful because that's the quarter that took the maximum impact of the lockdown, (so) going ahead markets will look at company outlooks," Beauchamp said.

Hikma Pharmaceuticals slumped 7.5% on news that Boehringer Ingelheim, a major shareholder in the London-listed drugmaker, was selling most of its nearly 1-billion-pound ($1.25 billion) stake to institutional investors. ($1 = 0.7999 pounds)

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