LONDON: British equities ended the week on a high note on signs US inflation is continuing to ease, boosting the view that the Federal Reserve will continue its monetary loosening, while China’s aggressive stimulus measures lifted mining and luxury stocks.
The bluechip FTSE 100 index was up 0.4%, while the domestically-focused FTSE 250 midcap index rose over 1%. Both the indexes rose on a weekly basis, buoyed by hopes for a turnaround in the Chinese economy after policymakers this week announced numerous aggressive stimulus measures. Still, the FTSE 100 has lagged the European benchmark STOXX 600, which gained more than 2% for the week.
In the latest move, China’s central bank on Friday lowered interest rates and injected liquidity into the banking system, with more fiscal measures expected to be announced before China’s week-long holidays starting on Oct. 1.
Among sectors, personal goods led gains with a 5.4% rise on the day and recorded their best week since Feb. 2017, boosted by over 17% weekly gains in Burberry shares.
Source: Brecorder
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