FTSE 100 Gains Amid GSK Settlement and Market Reactions to Inflation Data
The UK FTSE 100 index increased by 0.3%, driven by significant gains in GSK following a settlement in the U.S. The market awaits U.S. inflation data that could influence Federal Reserve rate decisions. Other sectors including oil, gas, and housing showed positive movements.
The UK's FTSE 100 opened stronger, climbing by 0.3% on the back of GSK's legal settlement in the U.S., while awaiting pivotal U.S. inflation figures to guide Federal Reserve decisions on rate adjustments.
Pharmaceutical giant GSK saw a 5.7% rise after reaching a settlement of up to $2.2 billion with U.S. state courts over Zantac-related cancer claims. This led to a 1.5% boost in the broader pharma and biotech index.
The oil and gas sector rose 0.2% amid heightened fuel demand due to Hurricane Milton and tension-driven supply risks in the Middle East. Meanwhile, the UK's housing market showed signs of recovery, although rental market pressures persisted.
(With inputs from agencies.)
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