UK's FTSE 100 hits near one — month high after Healey backs fiscal discipline
(For a Reuters live blog on US, UK and European stock markets, click LIVE/ or type LIVE/ in a news window) Oct 15 (Reuters) — London's blue-chip stocks climbed to a near one-month high on Thursday, led by financials, after the Finance Minister reaffirmed the government's commitment to fiscal discipline, while stronger-than-expected GDP data also buoyed sentiment. The benchmark FTSE 100 index rose 0.54% to 10,782.98 points by 09:50 GMT, its highest since September 18, while the midcap FTSE 250 edged 0.07% lower. British finance minister John Healey said this month's budget would aim at bolstering economic resilience, adding that he and Prime Minister Andy Burnham were aligned on maintaining fiscal discipline UK's benchmark 10-year bond yield declined further following Healey's comments to 5.34% Heavily weighted banks advanced, with NatWest Group rising 2.3% and Standard Chartered up more than 1% UK's gross domestic product rose 0.1% in August, boosted by AI optimism, against expectations of a 0.1% drop Bank of England Chief Economist Huw Pill said that any future interest rate increase should not be interpreted by investors as the start of a prolonged series of rate hikes Economists
(For a Reuters live blog on US, UK and European stock markets, click LIVE/ or type LIVE/ in a news window) Oct 15 (Reuters) — London's blue-chip stocks climbed to a near one-month high on Thursday, led by financials, after the Finance Minister reaffirmed the government's commitment to fiscal discipline, while stronger-than-expected GDP data also buoyed sentiment. The benchmark FTSE 100 index rose 0.54% to 10,782.98 points by 09:50 GMT, its highest since September 18, while the midcap FTSE 250 edged 0.07% lower.
British finance minister John Healey said this month's budget would aim at bolstering economic resilience, adding that he and Prime Minister Andy Burnham were aligned on maintaining fiscal discipline UK's benchmark 10-year bond yield declined further following Healey's comments to 5.34% Heavily weighted banks advanced, with NatWest Group rising 2.3% and Standard Chartered up more than 1% UK's gross domestic product rose 0.1% in August, boosted by AI optimism, against expectations of a 0.1% drop Bank of England Chief Economist Huw Pill said that any future interest rate increase should not be interpreted by investors as the start of a prolonged series of rate hikes Economists polled by Reuters expect the BoE to raise rates to 4% in November but narrowly expect to hold from there Consumer staples firms also extended gains, with British American Tobacco rising the most, up 2.6% Limiting the gains were industrial metal miners, down 3.1%, on weaker copper prices over concerns of further US Federal Reserve rate hikes British Land rose 2.6% after the commercial property firm said it expects higher half-year profit on office and retail park demand Antofagasta fell 5.8%, after the Chilean miner's third-quarter copper production declined year-on-year Among midcaps, e-commerce group THG surged 18% after lifting annual profit forecast Flexible office-space provider Workspace slipped 5.6% after reporting lower quarterly occupancy, with Jefferies downgrading the stock to "hold" from "buy" citing a tougher sales market (Reporting by Darshan Kumar in Bengaluru; Editing by Vijay Kishore) ((darshan.kumar@thomsonreuters.com)