FTSE in the green after strong UK retail sales

The UK market is reopening after the bank holiday weekend. Data released last week shows Initial jobless claims climbed more than anticipated, which raised fears of recession and a hard landing for the economy, but also increased expectations of rate cuts this year by the Fed. Equities were slightly up, with the FTSE 100 gaining 1% at the end of the previous session.

The blue-chip index opened 0.6% today as risk-appetite returned. Shares were also boosted by strong U.K. retail sales data. The British Retail Consortium (BRC) said that retailers reported a 5.1% year-on-year increase in retail spending in March, slightly down from annual growth of 5.2% in February.

Retail stocks including Kingfisher, JD Sports Fashion, Frasers Group and Next benefited. Miners also boosted the FTSE, tracking higher metal prices.

Things to read today:

US data raises hopes Fed’s efforts to curb inflation are working (Financial Times)

At FTX, Multimillion-Dollar Expenses Were Approved by Emoji (WSJ)