Economic news

FTSE 100 Edges Higher as China's Easing of COVID Curbs Boosts Miners

  • FTSE 100 up 0.4%, FTSE 250 adds 1.0%

Nov 11 (Reuters) - UK's export-oriented FTSE 100 index edged higher on Friday, as commodity-linked stocks rose after China eased some of its COVID-19 curbs, although the gains were limited after data showed Britain's economy contracted in the third quarter.

Even though Britain's economy shrank by a less severe than expected 0.2% in the third quarter, the data pointed to the start of what is likely to be a lengthy recession.

The blue-chip FTSE 100 was up 0.4% by 0820 GMT, while Europe-wide STOXX 600 index was up 0.6.

Miners and energy shares climbed 1.6% and 0.7%, respectively, as raw material prices jumped on hopes of demand recovery after the world's largest consumer eased COVID-19 measures.

A softer-than-expected U.S. inflation data on Thursday also raised hopes of the U.S. Federal Reserve easing on its demand-denting hawkish path. METL/

Reporting by Johann M Cherian in Bengaluru; editing by Uttaresh.V

Source: Reuters

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