London stocks track global markets higher
UK equities opened higher on Friday, mirroring gains across global markets, as investors cheered signs of slowing inflation in the United States, while shares of broadcaster ITV topped the mid-cap index on BritBox International stake sale to BBC. The internationally focussed FTSE 100 index was up 0.6%, as of 0815 GMT.
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UK equities opened higher on Friday, mirroring gains across global markets, as investors cheered signs of slowing inflation in the United States, while shares of broadcaster ITV topped the mid-cap index on BritBox International stake sale to BBC.
The internationally focussed FTSE 100 index was up 0.6%, as of 0815 GMT. Global markets tracked a rally on Wall Street after the U.S. PCE data showed the annual increase in inflation was the smallest in three years, raising hopes of a rate cut from the Federal Reserve in the first half of the year.
Most FTSE 350 sectoral indexes traded in the green, with rate-sensitive real estate investment trusts index climbing 1% while telecommunications led sectoral advances with a 2.1% jump. Among stocks, Pearson advanced 3% to be among top performers in the FTSE 100 after the education company met market expectations for 2023 operating profit, which rose 31% on an underlying basis.
The more domestically oriented FTSE 250 gained 0.5%, led by a 12.7% rise in ITV after the broadcaster sold its entire 50% stake in streaming service BritBox International to its joint venture partner BBC Studios for 255 million pounds ($322.09 million). British investors' focus will now shift to Finance Minister Jeremy Hunt's pre-election budget due next week, where he is expected to cut taxes in the face of a 2.5-trillion-pound debt.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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- BBC Studios
- Jeremy Hunt
- Pearson
- U.S.
- BritBox International
- British
- Finance
- FTSE
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