Left Menu
Development News Edition

CORRECTED-Britain's FTSE rises on upcoming U.S.-China talks


CORRECTED-Britain's FTSE rises on upcoming U.S.-China talks
(Image Credit: Twitter)

UK shares rose early on Friday as news of a new round of talks between China and the United States raised hopes of a resolution to their protracted trade spat which shook the global markets for most of last year.

The FTSE 100 was up 0.6 percent and the FTSE 250 rose 0.9 percent by 0847 GMT, ahead of consumer credit data scheduled later in the morning.

The midcaps were on track for their biggest weekly gain in two months, showing some resilience to a slew of bad macroeconomic and corporate news from China and the United States in the first few days of 2019.

Beijing said it would hold vice ministerial level trade talks with Washington next week, pushing Asian shares higher and easing nerves of investors who have worried the tussle between the world's two largest economies will slow the global economy.

British stocks with more exposure to Asia rose as a result, with HSBC and Standard Chartered adding 1.2 percent and 2.4 percent, respectively, while luxury goods maker Burberry gained nearly 1.1 percent.

Whitbread shares rose 2.4 percent after Barclays raised its rating and said the restaurant and hotel owner was its preferred hotel pick, while J Sainsbury fell 2 percent after a HSBC downgrade.

Oil prices also edged up after news of the upcoming trade talks, boosting heavyweights BP and Shell by 2.2 percent and 1.4 percent.

Miners saw some comeback after a dismal last session, with Glencore, Rio Tinto, BHP and Antofagasta all gaining on the back of higher copper prices.

Sentiment was largely positive among the mid-caps too with oil firms topping the gainers.

Circassia Pharmaceuticals tanked as much as 16 percent to record lows after the small-cap stuck to its 2019 targets ahead of a shareholder meeting later in the day.

Elsewhere, house-builder shares shrugged off a dismal house price data and gained on the Times report https://www.thetimes.co.uk/edition/bricks-mortar/what-2019-has-in-store-for-house-prices-l78d8wd7h that said demand may improve if a Brexit deal is struck.

Persimmon, Berkeley, Barratt and Taylor Wimpey all rose 1.6-2 percent on the main index while mid-caps Bovis Homes, Crest Nicholson rose 3.4 percent and 2.4 percent, respectively.

British house prices rose at their slowest annual pace in nearly six years in December, raising further concerns about a housing market that has cooled since the Brexit vote in 2016. (Reporting by Muvija M and Shashwat Awasthi in Bengaluru; editing by Josephine Mason)

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

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION/BLOG/INTERVIEW

Beware! Maximum cyber criminals eye your personal data

A report of the World Economic Forum revealed that cyber security is increasingly becoming an issue of public security as the majority of cyber criminals are increasingly targetting individual internet users. This requires preventive measur...

WEF 2020: Trump seems politically correct in pulling out from Paris Agreement

If the survey of the World Economic Forum WEF is believed, Trump seems to enjoy the confidence of his people in flaying climate intuitions and climate activists. His preference for economic development over environmental protection not only...

From home to healthcare, here are Robotic innovations transforming lives

Lovot is equipped with more than 50 sensors such as thermography, microphone array, obstacle detection, and touch sensor to generate motion and emotions in real-time....

Translating words to deeds: Achieving gender parity in access to financial resources

... ...

Videos

Latest News

PM Modi has taken steps to catapult India to 'Vishwa Guru' status: UP minister

Prime Minister Narendra Modi had taken several steps to catapult India to the status of Vishwa Guru world leader, Uttar Pradesh minister Laxmi Narayan Chaudhary said on Sunday. Let us pledge to strengthen the hands of the prime minister, wh...

Would have received Padma Shri with Jabbar if he was alive, says Bhopal gas tragedy activist's wife

Shayara Bano, wife of 1984 Bhopal gas tragedy activist Abdul Jabbar who has been awarded Padma Shri posthumously, on Sunday said that they would have received this honour together if Jabbar was alive. I am happy as well sad at the same time...

Pistons welcome Cavaliers after nightmare weekend

The Detroit Pistons had an agonizing weekend. On Monday, theyll face a Central Division opponent in the midst of an even rougher stretch. The Cleveland Cavaliers will be looking to snap a seven-game losing streak when they visit Detroit. Al...

IED found in Manipur on R-Day, disposed of

An Improvised Explosive Device IED was on Sunday found on the banks of Imphal River at Singjamei Waikhom area in the Manipur capital, an official statement said. It was later detonated by a bomb squad at an empty place in Lamdeng area in I...

Give Feedback