UK’s FTSE 100 gained on Monday led by mining stocks on higher metal prices, while shares of other Chinese-exposed firms gained on rising hopes of more policy support in the world’s second-largest economy.
By 0715 GMT, the blue-chip FTSE 100 gained 0.2%, while the more domestically-focussed FTSE 250 midcap index rose 0.3%.
Industrial metal miners advanced 1.3% as prices of base metals rose, buoyed by improved sentiment.
UK’s FTSE 100 opens slightly lower on cenbanks’ hawkish tone; Serco gains
China-exposed banks HSBC and Standard Chartered rose 0.5% and 1.2%, respectively, while insurer Prudential added 0.9% as hopes of more policy support grew after another weak data point and commentary from Chinese officials.
China’s central bank said on Friday it would implement prudent monetary policy in a “precise and forceful manner” to support economic growth and employment, while a private sector survey showed that China’s factory activity growth slowed in June.
Drugmaker AstraZeneca said its cancer treatment Datopotamab Deruxtecan drug met dual primary endpoint. Its shares, however, fell 4% in early trade.