2023-09-29 09:10:30
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* UK stocks rise following positive GDP data
* UK stocks rise following positive GDP data.
*The FTSE 100 is expected to end the September quarter up more than 1%.
* The FTSE 100 increased by 0.7% and the FTSE 250 by 1.3%.
September 29 (Archyde.com) –
Britain’s FTSE 100 index is expected to end the September quarter on a positive note on Friday following data showed the British economy has performed better than previously thought since the start of the pandemic.
The FTSE 100 index rose 0.7% at 0837 GMT and is expected to end the September quarter up 1.7%, following a 1.3% decline in the previous quarter.
However, the benchmark index is on track for a second consecutive weekly decline.
UK GDP for the second quarter of 2023 increased by 1.8% compared to the last three months of 2019, the last full quarter before the start of the COVID-19 pandemic, and growth was faster than that of Germany or France.
Domestic GDP in the second quarter was confirmed 0.2% higher than in the previous quarter, in line with forecasts by economists polled by Archyde.com, as the Office of National Statistics released revisions to official data.
The British pound rose 0.3% once morest the US dollar following the release of this data.
“The UK economy is doing much better and consumers are more resilient, which might mean another rate hike by the end of the year and then higher rates for longer,” said Anthi Tsouvali, multi-asset strategist at State Street Global Markets.
Traders are betting on a 36% chance that the Bank of England will raise interest rates to 5.50% by the end of the year, following the central bank unexpectedly held rates on hold last year. last week.
Consumer staples and discretionary stocks rose, with personal goods and home builders up more than 2% each, while retailers rose more than 1%.
The midcap FTSE 250 index jumped 1.3%, boosted by a 10.9% jump in Aston Martin shares following the luxury car maker said chairman Lawrence Stroll’s Yew Tree Consortium increased its stake in the company by 3.27% to 26.23%. Shares in Severn Trent rose 2.1% following the British water supplier said it would raise 1 billion pounds ($1.2 billion) of new capital.
Elsewhere, UK lenders approved the fewest number of mortgages in six months in August, data shows.
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