FTSE 100 Edges Higher As Pound Weakens

(RTTNews) - U.K. stocks advanced on Monday as a couple of economic reports showed some signs of promise for China's manufacturing sector and the pound slipped amid a tightening U.K. election race.

The Caixin manufacturing Purchasing Managers' index for China rose slightly to 51.8 in November from 51.7 in October, signaling an improvement for the fourth consecutive month.

According to official survey, released over the weekend, the manufacturing PMI advanced to 50.2 from 49.3 while the non-manufacturing PMI advanced to 54.4 from 52.8.

Closer home, the U.K. manufacturing final purchasing managers' index fell to 48.9 in November from 49.6 in October.

The pound softened after the latest set of opinion polls showed the country is heading to another hung parliament.

The benchmark FTSE 100 was up 42 points, or 0.58 percent, at 7.388 after losing 0.9 percent in the previous session.

Ted Baker shares tumbled 2.7 percent after the fashion retailer said it may have overstated the value of its stock by between £20m and £25m.

Miners Anglo American, Antofagasta and Glencore were up 1-2 percent on better-than-expected China factory data.

Sirius Real Estate edged down slightly after it acquired an office complex in Hallbergmoos, near Munich Airport, for 20.2 million euros.

Hospitality real estate group PPHE Hotel Group gained half a percent after it acquired the freehold interest in a site located in London SE1.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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