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FTSE 100 Gains As GDP Falls By Less Than Expected
(RTTNews) - U.K. stocks rose on Friday after data showed the U.K. economy contracted less than expected in the second quarter.
Data from the Office for National Statistics showed that GDP fell 0.1 percent sequentially in the second quarter, after a revised 0.8 percent growth in the previous quarter. Economists had forecast the GDP to drop to 0.2 percent.
Meanwhile, softer consumer and producer price inflation data from the United States prompted investors to scale back the odds of more aggressive tightening by the U.S. Federal Reserve.
The benchmark FTSE 100 rose 41 points, or 0.6 percent, to 7,507 after losing 0.6 percent on Thursday.
GSK jumped 3.8 percent. In its statement on Zantac (ranitidine) litigation and N-nitrosodimethylamine, the drug maker said the U.S. and European regulators have concluded there is no evidence of a causal association between ranitidine therapy and the development of cancer.
Flutter Entertainment soared 11.6 percent. After posting lower first-half earnings, the world's largest online betting firm said it expects a turnaround in the second half of the year.
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