LONDON, Jan 13 —UK’s FTSE 100 climbed to an over four-year high today led by a surprise growth in the domestic economy in November and a boost to risk appetite from a slowdown in US inflation.
The blue chip FTSE 100 rose 0.6 per cent, with the index on track to rise for the second straight week.
Financial stocks led gains today, with HSBC and exchange operator London Stock Exchange Group gaining 1.2 per cent and 1.8 per cent, respectively.
Britain’s economy unexpectedly eked out a modest growth in November lifted by higher spending in pubs and bars on World Cup cheering and video game sales that reduced the chances of slipping into recession.
Meanwhile, risk appetite got a boost yesterday when data showed US consumer prices fell for the first time in two-and-a-half years in December, bolstering hopes of the Federal Reserve moving to smaller interest rate hikes in its February meeting.
The more domestically-focussed FTSE 250 midcap stocks gained 0.2 per cent, while C&C Group slumped 8.6 per cent after a dour full-year profit outlook. — Reuters