Burberry's Bold Turnaround Spurs Surge in UK Stocks

UK stocks rose as Burberry led gains following a turnaround strategy announcement, focusing on classic products. The FTSE 250 rose due to Burberry's influence, while declines in mining stocks limited overall gains. Investors await more economic data for future rate insights.

UK stocks saw an upward trend on Thursday, spearheaded by Burberry's significant leap in the mid-cap index. The luxury brand's 17% rally came after it revealed a strategy focused on its core products like trench coats and scarves.

Burberry's turnaround plans were well-received by the market, with FTSE 250 climbing 0.4%. Russ Mould from AJ Bell noted the necessity of this reset under the new leadership of CEO Joshua Schulman.

Despite these gains, the broader market felt the pressure of declining mining stocks. The FTSE 350 mining index fell to a two-month low due to a strengthening dollar impacting gold prices.

(With inputs from agencies.)