FTSE Rebounds From 2-year Low
(RTTNews.com) - British shares are gaining in strength on Friday, mirroring the trend seen across Europe, after U.S. stocks rebounded and finished on a firm note yesterday.
Crude oil's rebound today after a setback in the previous session, is contributing as well to market's rise.
Although markets have surged higher today, the undertone remains somewhat cautious due to lingering concerns about global economic slowdown, Brexit uncertainty, U.S.-China trade tensions and the impact of a partial U.S. government shutdown.
The latest data on consumer confidence in the world's largest economy has raised concerns that global growth may slow down further in the near term. Worries about excess supply of crude and likely fall in energy demand are also likely to weigh on sentiment in the near term.
The FTSE 100 is up by about 110 points, or 1.7%, at 6,695.00. On Thursday, the index ended lower by 1.5%, declining to the lowest level in over two years.
British American Tobacco is gaining 3.7%. Babcock International is also up by about 3.7%. Ashtead Group, Capita, Travis Perkins, CRH, Standard Chartered, Micro Focus and Dixons Carphone are up 3 to 3.5%.
Old Mutual, BP, RBS, WPP, Mediclinic International, Severn Trent, Prudential, Kingfisher, Royal Dutch, Aviva, Easy Jet and J Sainsbury are all up in positive territory with strong gains.
Among other major markets in Europe, Switzerland, Germany and France are up sharply. While Germany's DAX and France's CAC 40 are both higher by 1.7%, Switzerland's SMI is gaining about 2.15%.
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