Banks, miners lift UK's FTSE 100 after sharp selloff

UK's FTSE 100 rose on Tuesday, boosted by mining and banking stocks, a day after worries around growing recession risks, higher interest rates, and extended COVID-19 lockdowns in China triggered a bruising selloff on the blue-chip index. The benchmark FTSE 100 index rose 0.9% by 0707 GMT.

UK's FTSE 100 rose on Tuesday, boosted by mining and banking stocks, a day after worries around growing recession risks, higher interest rates, and extended COVID-19 lockdowns in China triggered a bruising selloff on the blue-chip index. The benchmark FTSE 100 index rose 0.9% by 0707 GMT. After five days of heavy selling, the domestically focussed mid-cap index recovered 0.8%, helped by a 1.9% jump in travel and leisure stocks.

Miners gained 1.3%, tracking a rebound in copper prices following a slight pullback in the U.S. dollar. Banking stocks rose 1.1%, after falling more than 2% in the previous session on concerns around global economic growth.

Meanwhile, data showed that British shoppers, feeling the hit from surging inflation, cut their spending for the first time since early 2021 when the country was under a coronavirus lockdown.

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