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FTSE 100 Little Changed; Commodity Stocks Surge On China Data
(RTTNews) - U.K. stocks were subdued on Friday but were on track for a weekly gain after a slew of interest rate decisions by major central banks.
Commodity-related stocks surged after mixed economic data and positive signals from policymakers in China.
The benchmark FTSE 100 was marginally lower at 7,648 after rallying 1.3 percent in the previous session.
Miners Anglo American, Antofagasta and Glencore all rose about 3 percent on news of relaxation of home purchase restrictions in Beijing and Shanghai.
Oil & gas giant BP Plc rose 0.8 percent and rival Shell added 0.9 percent as oil extended gains for a third consecutive session and remained on track to snap a seven-week losing streak.
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U.S. Services Index Climbs To Six-Month High In August
Service sector growth in the U.S. accelerated by more than anticipated in the month of August, according to a report released by the Institute for Supply Management on Thursday. The ISM said its services PMI rose to 52.0 in August from 50.1 in July, with a reading above 50 indicating growth. Economists had expected the index to inch up to 50.5.
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A report released by payroll processor ADP on Thursday showed private sector employment in the U.S. increased by less than expected in the month of August. ADP said private sector employment rose by 54,000 jobs in August after jumping by an upwardly revised 106,000 jobs in July. Economists had expected private sector employment to rise by 65,000 jobs.
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U.S. Weekly Jobless Claims Rise More Than Expected
A day ahead of the release of the more closely watched monthly jobs report, the Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits rose by more than expected in the week ended August 30th.
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