UK’s main stock index was lifted by mining shares on Thursday, as a few major metal producers threatened to disrupt supply against a backdrop of global recession fears, while Primark owner Associated British Foods tumbled on dour profit forecast.
The commodity-heavy FTSE 100 edged 0.3% higher, while the more domestically focused mid-FTSE 250 was up 0.5%, as of 0709 GMT.
The mining sector climbed 1.5%, tracking firm copper prices on concerns of potential disruptions in major producer-countries.
The rate-sensitive banking sector advanced 0.4%, after dropping more than 2% in the previous session.
Banks, retailers lift UK’s FTSE 100
The pan-European STOXX 600 climbed 0.5% in early trading, with focus squarely on a rate decision by the European Central Bank due around 1215 GMT.
The ECB’s choice will be between a 50 and 75 basis point increase in the zero-percent deposit rate, with trader expectations leaning towards a bigger increase but not with full conviction.
Cineworld Group filed for bankruptcy protection in the United States, sending its shares down 6.8% as the movie chain operator struggles to restructure debt.
Associated British Foods slid 8.3% after the company flagged lower profit for next year, as its Primark fashion business struggled with rising costs and inflation.
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