BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Renewed rate cut bets helped the FTSE 100 outperform other markets in Europe amidst disappointing economic data updates. The benchmark is trading above 8,200, the highest since late October. More than 10 percent of the scrips in the index have recorded gains in excess of 3 percent.
Retail sales declined 0.7 percent in October versus a 0.1 percent rise in September. The biggest decline in four months was much worse than a decline of 0.3 percent that the markets had anticipated.
S&P Global PMI readings for Manufacturing and Services recorded unexpected declines in November. The Composite reading also unexpectedly declined and slipped to the contraction territory.
FTSE 100 oscillated between 8,222.85 and 8,149.27 as compared with the previous day's closing level of 8,149.27.
The benchmark index of the London Stock Exchange is currently trading at 8,222.60, having added 0.90 percent on an overnight basis.
In the 100-scrip index, only 12 are trading in the overnight negative zone.
B&M European Value Retail topped overnight gains with a surge of close to 4 percent. Spirax Group, Diploma, Barratt Redrow, Sainsbury (J), Vistry Group, Endeavour Mining, National Grid, British Land Co, Land securities Group, AstraZeneca, all rallied more than 3 percent.
Barclays plunged more than 3 percent whereas Standard Chartered declined 2.4 percent. Natwest Group, Lloyds Banking Group and JD Sports Fashion, all lost more than 1 percent in the day's trading.
The GBP/USD pair has dropped 0.62 percent overnight to 1.2508. The sterling ranged between $1.2595 and $1.2487 in the day's trade. The EUR/GBP pair is flat at 0.8320. The GBP/JPY pair has also dropped 0.68 percent to 193.23.
Bond yields in the U.K. eased less than European peers. Ten-year bond yields eased 0.25 percent to 4.4320 percent. The yields ranged between 4.5025 percent and 4.4170 percent over the course of the day. The same was 4.4430 percent a day earlier.
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