LONDON: Britain’s FTSE 100 hit a six-week high on Friday boosted by solid gains in metals miners, while markets cheered after Federal Reserve Chair Jerome Powell acknowledged progress in lowering inflation, keeping alive hopes that interest rates have peaked.
The benchmark FTSE 100 share index rose 1.0%, hitting its highest level since Oct. 19, and the more domestically-focussed FTSE 250 midcap index also added 1.0%.
A private survey showed China’s factory activity unexpectedly expanded in November, pushing China-exposed miners 4.5% higher.
Precious metal miners added 2.8%, tracking a rise in precious metals prices.
Powell’s acknowledgement that US inflation averaged 2.5% over the six months ending in October, near the Fed’s 2% target, and that monetary policy was slowing the economy as expected, boosted the gains for the two major UK indexes.
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