UK stocks climb as markets cheer upbeat earnings, Fed comments

The main FTSE 100 index gained 0.2% to hit seven-week highs, while the domestically focussed midcap index added 0.7%. Asian and European stocks markets echoed an upbeat sentiment on Wall Street on Wednesday after the U.S. Federal Reserve raised interest rates as expected, but eased some concerns over the pace of rate hikes going forward.

Britain's main equity indexes rose on Thursday, catching up with an overnight rally on Wall Street, while strong results from blue-chip companies Shell and Diageo added to the upbeat mood. The main FTSE 100 index gained 0.2% to hit seven-week highs, while the domestically focussed midcap index added 0.7%.

Asian and European stocks markets echoed an upbeat sentiment on Wall Street on Wednesday after the U.S. Federal Reserve raised interest rates as expected, but eased some concerns over the pace of rate hikes going forward. Shares of Shell gained 0.9%, as the oil major reported a record quarterly profit of $11.5 billion, lifted by a tripling of refining profits and strong gas trading.

Johnnie Walker whisky maker Diageo climbed 1.1% after posting a 24% rise in full-year sales, as more people drank expensive spirits and bars reopened after pandemic lockdowns last year. Global miner Anglo American jumped 3.4% despite reporting a 28% drop in first-half earnings.

Barclays slipped 0.9% after the lender's first-half profit fell more than expected due to a 1.9-billion-pound ($2.31 billion) hit for regulatory missteps. Online trading platform CMC Markets slumped 20.3% after the company forecast higher operating costs for the fiscal year 2023 than previously estimated.

($1 = 0.8226 pounds)