Left Menu
Development News Edition

UPDATE 2-FTSE 100 hits five-month high on China GDP and weak pound

UPDATE 2-FTSE 100 hits five-month high on China GDP and weak pound

London's FTSE 100 rose to a more than five-month high on Friday as China's economic growth met expectations and the pound slid after weak British retail sales raised the prospect of an imminent interest rate cut by the Bank of England. The exporter-heavy index surged 0.9%, boosted by miners, as China's 2019 growth came in within Beijing's target range and signalled an improvement in business sentiment following a de-escalation of the trade war with the United States.

"The Phase 1 (trade) deal has partially lifted the cloud of uncertainty hanging over the economy," OANDA analyst Craig Erlam said. "If these numbers are anything to go by, 2020 could be a far more productive year for the world's second-largest economy." Companies that book most of their earnings in the U.S. dollar such as AstraZeneca, GlaxoSmithKline and Diageo also rose, helping the blue-chip bourse bag its first weekly gain of the new decade.

British Airways-owner IAG climbed 5% to its highest level since September 2018 after it lifted a restriction on non-EU investors' ability to buy its stock. NMC Health advanced 8% after an independent review committee tapped a former FBI director to compile a report on allegations by U.S. firm Muddy Waters.

The FTSE 250 rose 0.8%, as more domestically-exposed stocks firmed amid the increasing likelihood that the BoE would loosen policy after data showed consumers did not increase their spending for the fifth straight month in December. "Seeing as the December report includes the important Christmas period, the sharp fall is particularly distressing," said CMC Markets analyst David Madden.

The rally in domestic stocks and food processing company Cranswick, which jumped 9.4% to a record high after it forecast annual profit above market expectations, helped the midcaps to a 1.5% gain for the week. But motor insurer Hastings slid 4% after it forecast a slump in annual earnings and a lower dividend, sending its shares to their lowest level since July 2016.

"A big challenge for the company is that motor insurance is a very competitive market," said Russ Mould, investment director at AJ Bell. "Until the motor insurance market turns, it could be very difficult for Hastings to get out of first gear."

(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.



Top 10 Fake News, Myths and Realities on 2019 Novel Coronavirus COVID 19

With nearly 1500 deaths by January 14 and around 65,000 infections in China, the Novel Coronavirus 2019 has become one of the worst health epidemics of the 21st Century. However, 8,573 people have been cured but the rumor mongers are a...

Handling fake news Infodemic in time of Coronavirus epidemic

Social media has provided a platform where everybody can disseminate his her views without any supervision. Its excellent if the message is genuine but misinformation is equally disastrous. Health is such a topic where every Tom and Harry c...

Sentiment Analysis on Budget 2020: Long shot for solution to economic worries?

Industries and individuals alike had high expectations from the government to take tangible steps but the budget 2020 seems to have failed expectations....

How can technology help the future of mobility?

More than a billion people or one-third of the global rural population lacked access to all-season roads and transport services in 2016, subsequently hindering the socio-economic development....


Latest News

Death of six kids of couple in 9 years triggers police probe

The death of six children of a couple in a span of nine years has raisedsuspicion among police personnel here who have registered a case following a complaint after a three-month-old child ofthe family died on Tuesday and was buried. Police...

One Russian on cruise ship confirmed to have coronavirus - embassy

Russias embassy in Japan said on Tuesday that a Russian woman earlier said to have been diagnosed with coronavirus on a cruise ship docked in Japan does not have the virus, but that her husband, who is also on board, had tested positive.Rus...

FATF sub group recommends continuation of Pakistan in 'Grey List'; final decision on Friday

A sub-group of the global terror financing watchdog FATF on Tuesday recommended continuation of Pakistan in the Grey List for its failure to check terror funding and a final decision will be taken on February 21, sources said on Tuesday. Th...

Police officer, three others arrested for snatching gold

Four persons, including a junior police officer and a civic volunteer were arrested inconnection with the snatching of one-and-half-kg gold valued at Rs 50 lakh, the police said on Tuesday.All the four were produced before a local court on ...

Give Feedback