Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Markets

News : Markets
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 

Prospect of easing trade tensions, weaker pound lift FTSE 100

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/15/2019 | 12:43pm EDT
Traders looks at financial information on computer screens on the IG Index trading floor

(Reuters) - Hopes that the United States' trade tensions with China and Europe will dissipate, combined with a weaker pound, lifted Britain's main index higher on Wednesday, as a slew of earnings reports also drove share moves.

The FTSE 100 advanced 0.8% and outperformed its European peers. The FTSE 250 was roughly flat.

Markets were initially upbeat after U.S. President Donald Trump said talks between Beijing and Washington had not collapsed, terming the Sino-U.S. conflict as "a little squabble".

Trump administration officials later said the President was expected to delay a decision on imposing tariffs on imported cars and parts by up to six months, further bolstering investor sentiment.

"This may be a case of delaying the inevitable, but given that the U.S. is already at odds with China and Iran, the reasoning appears to be not to be fighting too many battles at once," CMC Markets analyst Michael Hewson said.

Asia-focused HSBC provided the biggest boost to the main index, while exporter stocks also supported it, benefiting from a drop in sterling as Brexit jitters resurfaced.

Sterling fell to a three-month low, with Prime Minister Theresa May expected to once again fail in getting her thrice-rejected Brexit deal approved.

On an earnings-heavy day, Compass Group was among the top blue-chip gainers. The world's biggest catering company rose 2.9% after raising its forecast for annual organic revenue growth.

But home improvement retailer Kingfisher declined 3.6% after lower first-quarter sales in France, its second-biggest market.

SSE and National Grid fell 2.5% and 0.9% respectively. Britain's opposition Labour Party published plans to re-nationalise the country's energy networks, prompting utilities to warn of damage to investment, high taxpayer costs and a slower transition to green energy.

On the mid-cap index, Metro Bank, which has seen volatile trading in recent months after disclosing an accounting error, gained 15% with details of fresh funding from new and existing investors awaited.

Provident Financial skidded 6.5%. The company has been subject to a hostile takeover by smaller rival Non-Standard Finance, which said after markets shut that it would go ahead with its 1.3 billion pound takeover for the larger subprime lender.

(Reporting by Shashwat Awasthi and Muvija M, additional reporting by Samantha Machado in Bengaluru; Editing by Alison Williams)

By Shashwat Awasthi and Muvija M

Stocks mentioned in the article
ChangeLast1st jan.
COMPASS GROUP PLC 0.68% 2072 Delayed Quote.25.33%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.0.00%
HSBC HOLDINGS PLC -1.39% 596.7 Delayed Quote.-7.73%
KINGFISHER -2.99% 188 Delayed Quote.-9.40%
METRO BANK PLC -2.98% 273.6 Delayed Quote.-83.84%
NATIONAL GRID PLC -2.03% 850.3 Delayed Quote.11.27%
NON-STANDARD FINANCE PLC 3.72% 34.85 Delayed Quote.-47.20%
PROVIDENT FINANCIAL PLC -1.02% 370.1 Delayed Quote.-35.63%
SSE PLC -1.39% 1097.5 Delayed Quote.1.48%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Markets"
10:53pASIA MARKETS: Asian Markets Pull Back After Recession Fears Weigh On Wall Street
DJ
05:58pWALL STREET STOCK EXCHANGE : S&P 500, Nasdaq Futures -- Technical Analysis
DJ
05:09pWALL STREET STOCK EXCHANGE : Stocks Fall as Investors Return to Less Risky Assets
DJ
04:44pMARKET SNAPSHOT: Dow Snaps 3-day Win Streak, Ends At Session Lows As Recession Worries Dog Market
DJ
04:07pTSX falls 0.56 percent to 16,213.31
RE
02:12pWALL STREET STOCK EXCHANGE : Stocks Fall as Investors Return to Less Risky Assets
DJ
01:16pEUROPE : European shares end lower as Italy's political crisis weighs
RE
12:32pLONDON STOCK EXCHANGE : Worries over global trade, Italy lead FTSE 100 lower
RE
11:20aWALL STREET STOCK EXCHANGE : U.S. Stocks Waver Amid Uncertainty on Rates, Trade Talks
DJ
10:44aEUROPE MARKETS: Europe Stocks Drop As Italy's Conte Says He Will Resign
DJ
Latest news "Markets"
Advertisement