British equities open higher with US inflation data in focus
Shares of oil and gas companies rose 1% after uncertainty over the security of supplies from the Middle East pushed oil prices higher. Market attention is predominantly fixed on the U.S. consumer price inflation data for March, due later in the day, where a robust figure could potentially push rate-cut bets further back into the year.
London stocks kicked off Wednesday trade on a positive note, underpinned by strength in energy shares, while investors braced for the release of U.S. consumer price data for fresh insights into the Federal Reserve's interest rate-cut trajectory.
The resource-heavy FTSE 100 index was up 0.6%, as of 0720 GMT, while the more domestically oriented FTSE 250 index gained 0.5%. Shares of oil and gas companies rose 1% after uncertainty over the security of supplies from the Middle East pushed oil prices higher.
Market attention is predominantly fixed on the U.S. consumer price inflation data for March, due later in the day, where a robust figure could potentially push rate-cut bets further back into the year. UK investors are also poised to closely monitor the European Central Bank's monetary policy meeting on Thursday, and Britain's GDP figures on Friday.
Among individual stocks, shares of Tesco climbed 1% after the country's biggest retailer forecast a further increase in profit in the new financial year amid strong demand and new customers.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
ALSO READ
Blinken says U.S. not involved in "any offensive operations" when asked about Iran
U.S. national dies in Russian-controlled Donetsk - Russian journalist
London police apologise for threatening to arrest man for being Jewish near pro-Palestinian protest
London police apologize after threatening to arrest ''openly Jewish'' man near pro-Palestinian protest
UK minister writes to London police over 'openly Jewish' comment