FTSE 100 Gains After Inflation Data
2024-08-09
1701
(fxcue news) - U.K. stocks advanced on Wednesday and the British pound weakened against other major currencies after data showed that the U.K. inflation turned softer than anticipated in July.
Data from the Office for National Statistics showed that the U.K. consumer price index moved up 2.2 percent in July from a year ago, following June's 2.0 percent increase.
Inflation accelerated for the first time since last December but was slightly slower than the expected 2.3 percent, helping spur expectations among traders about further interest-rate cuts by the Bank of England (BoE).
Separate set of data revealed that factory gate inflation softened unexpectedly to 0.8 percent in July from 1.0 percent in June.
The benchmark FTSE 100 was up 47 points, or 0.6 percent, at 8,282 after edging up 0.3 percent on Tuesday.
Flutter Entertainment shares Jumped 8.7 percent after the world's largest online betting firm reported better-than-expected second-quarter results and raised its full-year outlook.
Infrastructure company Balfour Beatty tumbled 3.5 percent despite reporting higher earnings for the first half.
Insurer Aviva dropped 1 percent despite posting a better than expected 14 percent rise in first-half operating profit.
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