FTSE 100 Up Marginally; Sainsbury Rises After Announcing Buyback Program

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(RTTNews) - U.K. stocks are modestly higher on Tuesday, led by gains in retailers and consumer staples stocks, even as the mood remains cautious amid lingering concerns about global economic growth due to trade tensions following the U.S. government's highly protectionist trade policy.

The stand-off between U.S. President Donald Trump and Federal Reserve Chairman Jerome Powell is also contributing to the subdued mood in most of the markets across Europe.

The benchmark FTSE 100, which advanced to 8,317.42 earlier, is up 11.77 points or 0.11% at 8,287.43 about half an hour before noon.

Sainsbury (J) is gaining about 3.2%. The merchandise retail company has confirmed the launch of a share buyback program worth up to 200 million pounds.

Tesco is rising 2.7% and Vodafone Group is up 2.6%, while Frenillo is advancing 2.3%.

EasyJet, Unilever, Endeavour Mining, Barratt Redrow, Aviva, Babcock International, Land Securities, Unite Group, BT Group, M&G, Kingfisher, Persimmon and Diageo are up 1 to 2%.

DCC is down nearly 4%. The sales and marketing services provider announced the sale of its healthcare division to HealthCo Investment Limited for £1,050 million.

Entain, Polar Capital Technology Trust, Diploma, Rentokil Initial and Intermediate Capital Group are down 2 to 2.8%. AstraZeneca is down by about 0.6%. The pharma major reported positive results for its breast cancer treatment Enhertu.

Pershing Square Holdings, Scottish Mortgage, Alliance Witan, Ashtead Group, F&C Investment, Intercontinental Hotels Group, Smith & Nephew, Spirax Group, IMI and Melrose Industries are down 1 to 2%.

U.S. Consumer Sentiment Rebounds Less Than Previously Estimated In December

Consumer sentiment in the U.S. rebounded by less than previously estimates in the month of December, according to revised data released by the University of Michigan on Friday. The University of Michigan said its consumer sentiment index for December was downwardly revised to 52.9 from a preliminary reading of 53.3. Economists had expected the index to be upwardly revised to 53.4.

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U.S. Existing Home Sales Rise Less Than Expected In November

Existing home sales in the U.S. saw a modest increase in the month of November, the National Association of Realtors revealed in a report released on Friday. NAR said existing home sales rose by 0.5 percent to an annual rate of 4.13 million in November after jumping by 1.5 percent to an upwardly revised rate of 4.10 million in October.

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Russia Cuts Key Rate By 50 Bps As Expected

Russia's central bank cut its interest rate by 50 basis points on Friday but reiterated that it will maintain policy tight to bring inflation back to the target. The Board of Directors, led by Governor Elvira Nabiullina, decided to cut the key rate to 16.00 percent from 16.50 percent. The decision matched market expectations. The bank has lowered the interest rate by 400 basis points since Jun

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Bay Street May Open Slightly Higher

The Canadian market, which snapped a four-day losing streak on Thursday, looks headed for a positive start Friday morning. Canadian retail sales data, and U.S. PCE reading are likely to make an impact.

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FTSE 100 Flat In Cautious Trade

UK's FTSE 100 was flat a little past noon on Friday with investors largely refraining from making big moves. A report showing an improvement in consumer sentiment supported the market, while data showing an unexpected drop in retail sales appeared to render the mood cautious.

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CAC 40 Roughly Flat In Lackluster Trading

France's CAC 40 was roughly flat a little past noon on Friday in somewhat lackluster trading as investors, digesting the recent policy announcements from the Bank of England and the European Central Bank, awaited the crucial PCE readings from the U.S., after yesterday's data showed an unexpected drop in consumer prices in the month of November in the world's largest economy.

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Bank Of Japan Lifts Policy Rate; Hints At More Hikes

The Bank of Japan raised its benchmark rate by a quarter-point to the highest level in three decades as inflation continued to remain above the target and hinted at further hikes. The policy board, headed by Ueda Kazuo decided, by a unanimous vote, to hike the uncollateralized overnight call rate to "around 0.75 percent" from "around 0.5 percent."

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DAX Down Marginally As Stocks Turn In Mixed Performance

German stocks turned in a mixed performance Friday morning with investors assessing the monetary policy moves by the European Central Bank and the Bank of England, and data showing an unexpected drop in U.S. price growth.

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EURUSD	1.17145	GBPUSD	1.33705	AUDUSD	0.66145
USDJPY	157.468	USDCAD	1.37805	USDCHF	0.79554