FTSE 100 Modestly Higher On Positive Global Cues

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(RTTNews) - U.K. stocks are modestly higher on Monday, with weak healthcare and defence stocks offsetting positive news about U.S-China trade progress, and a firm display by stocks from banking sectors.

Investors are also looking ahead to some crucial UK economic data this week, including reports on first-quarter GDP, industrial output, unemployment, and trade balance.

Following negotiations in Switzerland over the weekend, the U.S. and China struck a deal to suspend tariffs for 90 days and slash rates going forward.

As per the announcement by the two countries, the U.S. tariffs on Chinese goods will fall to 30% from 145% while Chinese duties on U.S. imports will fall to 10% from 125%.

The benchmark FTSE 100 was up 44.10 points or 0.52% at 8,598.90 a little while ago.

Antofagsta, Anglo American Plc., Standard Chartered, Glencore, Ashtead, Intermediate Capital Group, IAG and Spirax-Sarco Engineering are gaining 5 to 7%.

Rio Tinto, Scottish Mortgage, Intercontinental Hotels, Entain, F&C Investment Trust, Barclays Group, HSBC Holdings, Prudential, Pershing Square Holdings, BP, Mondi, Informa, WPP , Interteck, Schroders, IMI and Croda International are up 3 to 4.7%.

Fresnillo, Endeavour Mining, National Grid, United Utilities, AstraZeneca, Marks & Spencer, Hikma Pharmaceuticals, Imperial Brands, GSK, Next and Relx are down 2 to 4.3%.

On the economic front, U.K. recruitment activity remained weak at the start of the second quarter as demand for staff deteriorated amid the rise in the salary inflation due to the increases in the national minimum and living wage rates, a report compiled by S&P Global showed.

Permanent staff appointments declined further amid reports of weak employer confidence and tighter hiring budgets, the KPMG/REC Report on Jobs survey revealed. However, the pace of reduction was the softest since September. Likewise, temp billings decreased at the slowest pace in four months.

U.S. Service Sector Growth Unexpectedly Slows In July

A report released by the Institute for Supply Management on Tuesday unexpectedly showed a modest slowdown in the pace of growth by U.S. service sector activity in the month of July. The ISM said its services PMI edged down to 50.1 in July from 50.8 in June. While a reading above 50 still indicates growth, economists had expected the index to rise to 51.5.

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U.S. Trade Deficit Narrows To $60.2 Billion In June As Imports Plunge

The U.S. trade deficit narrowed by slightly more than anticipated in the month of June, according to a report released by the Commerce Department on Tuesday. The Commerce Department said the trade deficit shrank to $60.2 billion in June from a revised $71.7 billion in May.

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U.S. Trade Deficit Narrows Slightly More Than Expected In June

The U.S. trade deficit narrowed by slightly more than anticipated in the month of June, according to a report released by the Commerce Department on Tuesday.

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Eurozone Private Sector Continues To Expand

Euro area private sector remained in the expansionary territory in July but the rate of growth remained sluggish as stagnant demand pulled back production, final survey results of the purchasing managers' survey by S&P Global showed on Tuesday. The HCOB composite output index rose to 50.9 in July from 50.6 in June. The flash reading was 51.0. A score above 50.0 indicates expansion.

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