LONDON MARKETS: Financials Lead London Markets Higher
10 Maggio 2019 - 11:49AM
Dow Jones News
By Dave Morris
London equities were led higher by financials despite mixed
signals from U.S.-China trade negotiations.
How did markets perform?
The U.K.'s FTSE 100 was up 0.7% to 7,257.6, following a decline
of 0.9% Thursday.
The pound edged up 0.1% to $1.3009 building on Thursday's rise
of 0.2%.
What's moving the markets?
First quarter gross domestic product (GDP) for the U.K. grew
0.5% over the previous quarter, slightly above the consensus of
0.45%. The Office of National Statistics attributed the increase to
manufacturers stockpiling ahead of the U.K.'s expected exit from
the European Union.
The major developments in the trade deal standoff between the
U.S. and China
(http://www.marketwatch.com/story/us-china-to-continue-trade-talks-friday-despite-tensions-2019-05-09)began
with reports that there had been no breakthrough in the talks in
Washington, D.C., meaning that U.S. President Donald Trump's threat
to raise tariffs became policy. Trump said negotiations were not
yet dead, and described the "beautiful letter" he received from
Chinese leader Xi Jinping urging the two countries to work
together.
Which stocks are active?
Financials lifted the FTSE 100 in terms of their market
cap-based weighting. Insurer Prudential PLC (PRU.LN) rose 1.7%, and
Lloyds Banking Group (LLOY.LN) climbed 1.2%.
British Airways parent International Consolidated Airlines Group
SA (IAG.LN) reported first quarter earnings in line with
management's predictions and asserted that it expected to make more
revenue per passenger in 2019. Statutory pretax profits came in at
EUR86 million versus EUR885 million because of increased fuel
costs, even when stripping out currency effects. Shares were up
2.6%.
Rolls-Royce Holdings PLC (RR.LN) whose shares were hit when its
Trent 1000 engine came under scrutiny, got a boost from IAG's
results. IAG CEO William Walsh said on the earnings call that he
was "a bit more confident" that Rolls-Royce was getting the problem
under control. Rolls-Royce shares increased 1.1%.
(END) Dow Jones Newswires
May 10, 2019 05:34 ET (09:34 GMT)
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