FTSE 100 Edges Higher On Fed Rate Optimism
(RTTNews) - U.K. stocks rose slightly on Thursday as Fed Chair Jerome Powell's dovish remarks on the pace of rate hikes offset disappointing house price data.
According to Nationwide, British house prices tumbled 1.4 percent in November compared with October, marking the biggest monthly drop since June 2020.
The benchmark FTSE 100 edged up 16 points, or 0.2 percent, to 7,589 after closing 0.8 percent higher on Wednesday.
Energy stocks fell as oil prices dipped amid uncertainty about OPEC's decision on production at the Sunday meeting. BP Plc dropped 1 percent and Shell lost 1.4 percent.
Lender HSBC declined 1.2 percent after it agreed to sell its business in Canada to Royal Bank of Canada.
Online grocer Ocado jumped almost 7 percent after launching a new supplier insights product to help drive sales and increase revenue.
Components maker Essentra rose over 2 percent after buying Wixroyd Group, a supplier of industrial parts for the engineering sector.
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