On Thursday, the FTSE 100 in Britain increased for the fourth consecutive day, helped by gains in base metal miners and statistics suggesting that the UK economy may have avoided a recession, which further boosted investor confidence. The blue-chip FTSE 100 increased 0.3%, helped by a 2.0% increase in industrial miners as world metal prices …
On Thursday, the FTSE 100 in Britain increased for the fourth consecutive day, helped by gains in base metal miners and statistics suggesting that the UK economy may have avoided a recession, which further boosted investor confidence. The blue-chip FTSE 100 increased 0.3%, helped by a 2.0% increase in industrial miners as world metal prices increased due to a weaker dollar.
In the meantime, Britain’s economy fell less than anticipated in May, indicating the widely anticipated recession brought on by high prices and rising interest rates has not yet begun. Shanti Kelemen, chief investment officer at M&G Wealth and &me, said: “People could claim to be scared, but they’re still spending and working, and it produces a more positive narrative in the markets.” Following the release of the statistics, the sterling rose to a fresh 15-month high, and the dollar fell as a result of slowing US inflation. The FTSE 100 is down 0.1% so far this year, whereas the pan-European STOXX 600 has increased by 8.6%, and the U.S. S&P 500 has increased by 17.1%. “A lot of it’s just the absence of technology because that’s what’s been driving most of the U.S.,” Kelemen added. The FTSE 250 midcap index, which is more domestically focused, increased 0.3% as Watches of Switzerland Group rose 10.8% following the luxury watch retailer’s announcement of a 25% increase in full-year revenue. Homebuilder Barratt Developments fell 1.6% to reach its lowest level in nearly seven months after stating that weak demand this fiscal year could be caused by higher mortgage rates and persistent inflation. The overall homebuilders index decreased by 0.8%.
In June, a market survey indicated that the housing market in Britain had slowed, and it was anticipated that this trend would continue as increased borrowing costs reduced the number of inquiries from potential buyers. Following the hiring of Andrew Rennie as its new CEO, shares of Domino’s Pizza Group, the London-listed owner of American chain Domino’s Pizza Inc, increased 4.6%.
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