UK’s primary stock indices experienced a rise and were heading towards weekly gains, following a drop in retail sales that led investors to believe interest rates might have reached their peak.
The premier FTSE 100 index increased by 0.7%, and the midcap FTSE 250 index saw a 0.9% rise.
The FTSE 100 opened with gains, spurred by hopes that the @bankofengland might not need to implement further interest rate hikes to curb inflation, following weaker retail sales figures. @ZaksTradersCafe The UK's leading index increased by 0.2% to 7,426.81, while the FTSE 250,… https://t.co/Shc2puzpdm pic.twitter.com/thS2s0rRx7
— Share_Talk ™ (@Share_Talk) November 17, 2023
Despite the sell-off on Thursday, these main indices were still on track for weekly gains, driven by diminishing inflation and indications of a slowing economy. This has led money markets to speculate that the Bank of England may not pursue further tightening of monetary policy.
Unexpectedly, retail sales volumes decreased in October, as consumers, facing financial strains, reduced their spending, according to official data, signaling further economic concerns.
London Stock Exchange Group’s shares fell by 1.3%, even though the exchange operator announced an increase in its mid-term growth forecast and plans to return a billion pounds to shareholders in 2024.
AstraZeneca’s shares climbed 1.4% following the approval by the US health regulator of its drug Truqap, in combination with an existing medication, offering a new treatment alternative for the most prevalent type of breast cancer.
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