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Miners lead FTSE 100 higher after upbeat Chinese data

A 0.3% gain in the FTSE 100 helped the commodity-heavy index outperform its European peers, with Rio Tinto, BHP Group and Glencore providing the biggest boost as data showed China's industrial output accelerated the most in eight months in August. The mid-cap FTSE 250 rose 0.4%.

Reuters | Beijing | Updated: 15-09-2020 13:34 IST | Created: 15-09-2020 13:19 IST
Miners lead FTSE 100 higher after upbeat Chinese data
Representative image

London's FTSE 100 climbed on Tuesday as upbeat industrial output data from China powered shares of trade-exposed miners, while online supermarket Ocado surged on reporting a jump in quarterly retail sales. A 0.3% gain in the FTSE 100 helped the commodity-heavy index outperform its European peers, with Rio Tinto, BHP Group and Glencore providing the biggest boost as data showed China's industrial output accelerated the most in eight months in August.

The mid-cap FTSE 250 rose 0.4%. The index, considered a barometer of Brexit sentiment, has underperformed the FTSE 100 this month following Prime Minister Boris Johnson's plan to breach the Brexit treaty with the European Union. The proposal won initial approval in the UK parliament on Monday.

Further pressuring the domestic economy, Britain's jobless rate rose in the three months to July, the first such increase since coronavirus-led lockdowns began in March, but data also showed a less severe fall in employment than feared. "It is becoming increasingly apparent that the unemployment measure isn't fit for purpose in the current environment," said Michael Hewson, market analyst at CMC Markets UK.

"However, at some point in the coming months it will start to reflect the economic pain that is already making itself felt on the labour market more broadly." All eyes later in the week will be on a Bank of England policy meeting, where the central bank is likely to signal more stimulus to lift the economy out of a deep recession that could be exacerbated by a messy Brexit.

Ocado Group jumped 6% to the top of the FTSE 100 after saying its retail joint venture with Marks & Spencer posted a 52% jump in revenue in the 13 weeks to Aug. 30. Construction, retail and travel stocks were also among the biggest gainers in morning trading.


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