FTSE 100 Advances Despite Weak GDP Data

RTTNews | 119 days ago
FTSE 100 Advances Despite Weak GDP Data

(RTTNews) - Despite data showing an unexpected contraction in the nation's GDP in the month of January, U.K. stocks are up in positive territory on Friday, tracking cues from other major European markets. Bank and mining stocks are among the prominent gainers.

The mood remains cautious amid concerns about tariffs and their potential impact on global economic growth. The benchmark FTSE 100 is up 49.94 points or 0.58% at 8,592.50 about half an hour before noon.

Melrose Industries is rising nearly 4%. Anglo American Plc is up 3.2%, while Rolls-Royce Holdings, EasyJet, Kingfisher, Fresnillo, BAE Systems, Rio Tinto, JD Sports Fashion, Beazley, Schroders, Glencore and Antofagasta are gaining 2 to 3%.

HSBC Holdings, Lloyds Banking, Standard Chartered, Natwest Group and Barclays Group are up 1 to 2%.

Prudential, Taylor Wimpey, Hiscox, Ashtead Group, Rentokil Initial, IMI, Vistry Group, BP, Persimmon, Croda International, Barratt Redrow, Next, B&M European Value Retail and IAG are up 1 to 2%.

Data from the Office for National Statistics showed UK's gross domestic product shrank 0.1% on a monthly basis in January, following a growth of 0.4% in December. GDP was expected to grow 0.1%.

In the three months to January, real GDP moved up 0.2% from the three months to October. Compared to last year, GDP growth was 1.2%.

On a yearly basis, GDP grew 1% in January, weaker than the forecast of 1.2%.

A 0.9% drop in industrial production contributed to the decline in growth in January. Industrial production has risen 0.5% in December.

Manufacturing output slid 1.1%, in contrast to the 0.7% increase in the previous month. At the same time, construction output was down 0.2%.

Services output edged up 0.1% in January, but this was weaker than the 0.4% expansion seen in December.

The latest quarterly Inflation Attitudes Survey conducted by Ipsos on behalf of the Bank of England revealed UK inflation expectations increased in February,

The one-year ahead inflation expectations rose to 3.4% in February from 3% in November. The current inflation rate is estimated to be 4.9% compared to 4.8% in November.

read more
Bay Street Likely To Open Lower

Bay Street Likely To Open Lower

Canadian shares look headed for a weak start on Friday due to trade war concerns, although fairly firm crude oil and bullion prices may help limit the market's downside. Data showing an increase in Canadian employment in the month of June and a drop in the unemployment rate may also aid sentiment a bit.
RTTNews | 3h 46min ago
Pound Falls As U.K. Economy Contracts For Second Straight Month

Pound Falls As U.K. Economy Contracts For Second Straight Month

The British pound weakened against other major currencies in the European session on Friday, as the UK economy shrank for the second consecutive month in May, adding challenges to Chancellor Rachel Reeves in achieving her self-imposed borrowing rules.
RTTNews | 3h 53min ago
Pound Falls Against Majors

Pound Falls Against Majors

The British pound weakened against other major currencies in the European session on Friday.
RTTNews | 4h 15min ago
Yen Retreats Amid US-Japan Trade Uncertainty

Yen Retreats Amid US-Japan Trade Uncertainty

The Japanese yen retreated from early highs against other major currencies in the European session on Friday, amid concerns on US-Japan relations in light of Trump's placement of a 25 percent tariff on Japanese exports this week, which will go into force on August 1.
RTTNews | 5h 4min ago
UK Economy Contracts For Second Straight Month

UK Economy Contracts For Second Straight Month

The UK economy shrank for the second consecutive month in May, adding challenges to Chancellor Rachel Reeves in meeting her self-imposed borrowing rules. Gross domestic product fell unexpectedly by 0.1 percent in May, following a 0.3 percent drop in April, data from the Office for National Statistics revealed on Friday.
RTTNews | 5h 35min ago
CAC 40 Down More Than 1% As Trade War Concerns Hurt Sentiment

CAC 40 Down More Than 1% As Trade War Concerns Hurt Sentiment

French stocks are notably lower on Friday, weighed down by losses in automobile and luxury sectors. The mood in the market is a bit bearish, in line with other major markets in Europe, amid renewed worries about tariffs.
RTTNews | 5h 42min ago