UK shares rallied yesterday, after a report from Bloomberg that China’s largest banks were planning to cut rates on existing mortgages and deposits as part of efforts from the government to support the economy. Miners outperformed, as well as telecom and utilities. Adding to the good mood, new data from the British Retail Consortium showed that shop price inflation declined to 6.9% in August, down from 7.6% in July. The FTSE 100 ended the session 1.7% higher.
The index still opened higher this morning, lifted by insurers, after Prudential posted strong half-year earnings, soaring 3.5%.
Meanwhile, Direct Line appointed a new CEO: Adam Winslow, a senior executive at Aviva.
Shares in fashion brand Superdry were suspended this morning, because it did not publish its audited results in time.
Things to read today:
Why bigger pension funds are better for the UK (Financial Times)
Price
|
Change
|
5d. change
|
Capi.
| ||
|---|---|---|---|---|---|
| 110.5 USD | -0.61% | -0.10% | 39.71B | ||
| 7.233 GBX | -3.43% | -12.86% | 9.24M | ||
| 187 GBX | +1.38% | -3.61% | 2.98B | ||
| 1,223 USD | +0.85% | +3.43% | - | ||
| 1,656 PTS | +0.35% | +1.92% | - | ||
| 8,164 PTS | +0.30% | +1.72% | - | ||
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