Economic news

London Stocks Rebound ahead of Data-Packed Week; Industrial Metal Miners Fall

  • FTSE 100 up 0.1%, FTSE 250 adds 0.3%
  • SSP Group down after Goldman Sachs downgrades to "Sell"
  • UK CPI data due Wednesday, retail sales and PMI data due Friday

June 17 (Reuters) - London stocks recovered slightly on Monday, offering a glimmer of hope to investors eagerly anticipating a week brimming with key economic data, while industrial metal miners dropped after disappointing China output numbers.

The blue-chip FTSE 100 edged 0.1% higher at 8,155.44, after it marked its longest weekly losing streak in more than four years last week.

The mid-cap FTSE 250 was up 0.3% at 20,181.32.

Both indexes are set to gain after falling for two consecutive sessions.

Investors held back from making big bets, ahead of a spate of domestic key economic data, including the consumer price index (CPI) figures, due through Wednesday and the Bank of England's policy meeting on Thursday for its interest rate decision.

"The sentiment seems to be slightly more positive than last week and we're heading back up towards the 8,200 mark, which is encouraging for the bulls," said Axel Rudolph, a senior market analyst at IG Group.

"We've got quite a few different data points out, so we can see some volatility in the course of this week."

Crest Nicholson Holdings was up 1.6%, leading gains on the household goods sector, after Peel Hunt upgraded rating on the stock to "Add" from "Hold".

SSP Group fell 3.4%, after Goldman Sachs downgraded the airport food chain operator's stock to "Sell" from "Neutral".

Industrial metal miners were the top losers among FTSE 350 sectors, after top consumer China reported weaker-than-expected industrial output in May.

Investors are also awaiting U.S. retail sales data, due on Tuesday, weekly jobless claims on Thursday and flash PMIs on Friday. Several Fed officials are also scheduled to speak this week.

"It also depends on what European markets are doing, because to some degree we are linked to Europe as American investors seem to think of us all in the same pot," Rudolph added.

Reporting by Pranav Kashyap in Bengaluru; Editing by Rashmi Aich

Source: Reuters


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