London’s FTSE 100 kicked off the holiday-shortened week on a marginally higher note on Monday, supported by strength in oil giants, although sentiment was subdued as markets await another key US inflation print due later in the week.
The blue-chip FTSE 100 was up 0.1%, as of 0816 GMT.
UK stocks ended higher last week, with the FTSE 100 index notching its highest close in a year as investors cheered the Bank of England’s and the US Federal Reserve signalling interest rate cuts this year.
Focus will now shift to the US core personal consumption expenditure price index, the Fed’s preferred inflation measure, on Friday to further gauge the trajectory of inflation and interest rates.
Energy shares led sectoral gains, up 0.6% as crude prices climbed on concerns over tighter global supply brought about by escalating conflicts in the Middle East and between Russia and Ukraine.
FTSE 100 gains for second straight week
Shares of Kingfisher slipped 1% as the home improvement retailer warned on the outlook, and said current-year profit would fall short of analysts’ expectations.
The mid-cap FTSE 250 was down 0.6%, led by a 10.4% fall in Mobico after the transport company tempered the lower-end of its annual profit outlook range.
Comments
Comments are closed for this article.