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FTSE 100 Gains On Rising Bets Of Fed Pause
(RTTNews) - U.K. stocks advanced on Thursday amid speculation the U.S. Federal Reserve would pause its rate hike campaign to support growth.
Investors also cheered signs of a resilient domestic economy.
U.K. house prices rose for a third month in a row in March, defying expectations, to reflect the resilience of the housing market, Lloyds Bank subsidiary Halifax said.
The house price index climbed 0.8 percent month-on-month following a 1.2 percent increase in each of the previous three months. Economists were looking for a 0.3 percent fall.
On a year-on-year basis, the house price index rose 1.6 percent in March after a 2.1 percent increase in the previous month. Economists had forecast a modest 0.3 percent growth.
The benchmark FTSE 100 was up 38 points, or half a percent, at 7,694 after rising 0.4 percent on Wednesday.
Shell rallied 1.7 percent after the oil and gas giant said it expects higher liquefied natural gas (LNG) output in the first quarter.
Robert Walters slumped 8 percent after it reported flat profit in the first quarter of 2023 amidst the uncertain global macro-economic conditions.
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