UK's FTSE 100 inches up as global mood improves; Dr Martens tumbles

UK's FTSE 100 index edged up on Thursday, tracking an improvement in global mood, while footwear maker Dr Martens logged its worst day in over four months after warning of lower earnings for the upcoming year. The blue-chip FTSE 100 was up 0.5% as investors were relieved that the U.S. debt ceiling bill successfully passed through the House of Representatives, while hopes of the Federal Reserve pausing rate hikes further soothed the mood.

UK's FTSE 100 index edged up on Thursday, tracking an improvement in global mood, while footwear maker Dr Martens logged its worst day in over four months after warning of lower earnings for the upcoming year.

The blue-chip FTSE 100 was up 0.5% as investors were relieved that the U.S. debt ceiling bill successfully passed through the House of Representatives, while hopes of the Federal Reserve pausing rate hikes further soothed the mood. The mid-cap FTSE 250, meanwhile, eked out a small 0.2% gain, weighed by a 11.3% drop in Dr Martens Plc as CEO Kenny Wilson said that the U.S. is expected to be toughest market for the firm this year.

"American consumers are becoming cautious about spending big on items they might want but don't need," said Susannah Streeter, head of money and markets, Hargreaves Lansdown. "Dr. Martens has also been compounded with the operational difficulties at its Los Angeles distribution centre, and fixing it might be more expensive than first thought."

AstraZeneca Plc added 0.8% after a combination of its cancer drug Lynparza and abiraterone gained approval in the U.S. for the treatment of a type of prostate cancer. The broader healthcare sector rose 0.7%.

UK equities had a disappointing finish to May, as a mix of domestic factors such as inflation, rate hikes, and global uncertainties like the U.S. debt deal and fears of an economic slowdown unnerved investors. Among other movers, Pennon Group Plc slid 1.2% after posting a sharp drop in annual profit, while Johnson Matthey Plc added 0.9% on a report to sell its medical device components business.

Meanwhile, domestic house prices fell

by the most since 2009 in May, as per Nationwide. The mortgage lender expects the country's housing market to face headwinds in the months ahead. The real estate sector shed 0.3%.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)