- FTSE 100 up 0.1%, FTSE 250 up 0.4%
- Homebuilders gain ahead of public spending review
- Ibstock bottoms FTSE 250 after profit warning
June 11 (Reuters) - London's FTSE 100 edged up towards an all-time high on Wednesday, as investors awaited a domestic public spending review and crucial U.S. inflation data scheduled in the day.
The benchmark FTSE 100 was up 0.1%, coming close to an intraday record high. The mid-cap FTSE 250 was up 0.4% as of 0913 GMT.
All eyes on the day were on Finance Minister Rachel Reeves' speech, where she will divide up more than 2 trillion pounds ($2.7 trillion) of public spending aimed at stimulating the British economy.
Homebuilders and household goods stocks gained 2.8% to hit a more than seven month-high, with Vistry up 9%, Crest Nicholson gaining 5.5% and Bellway advancing 3% ahead of the speech.
Most sectors were higher in the market, though heavyweight energy shares weighed down 0.6%.
Investors also awaited a key U.S. inflation reading for any signs that President Donald Trump's erratic tariff policies had started to show their impact on the economy.
Representatives from the U.S. and China late on Tuesday agreed on a framework to put their trade truce back on track and remove some export restrictions from both sides. The agreement, however, is pending approval from the countries' leaders.
Any signs of the deal coming into effect will be taken in stride by markets that have been grappling with the uncertainty created by an ever-changing U.S. trade policy and its impact on global economic growth.
Ibstock sank 12.8% to the bottom of the FTSE 250, after warning of a hit to its adjusted EBITDA outlook for 2025.
Ricardo shares jumped 25% to their highest level since early January after Canada-based WSP Global said it would acquire British environmental and engineering consulting firm for about 363.1 million pounds ($489.6 million) including debt.
Quilter gained 5.6%, among the toppers on the FTSE 100, after UBS upgraded the wealth manager's stock to "buy" from "neutral".
Reporting by Purvi Agarwal in Bengaluru; Editing by Shailesh Kuber
Source: Reuters