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Miners Lift FTSE 100 on China Reopening Optimism

  • FTSE 100 up 0.7%, FTSE 250 adds 0.4%

Nov 4 (Reuters) - UK's export-oriented FTSE 100 rose on Friday as miners jumped on hopes that China would relax its COVID-19 restrictions, setting up the index for weekly gains after a week that saw major central bank meetings dictating the market's moves.

The blue-chip FTSE 100 climbed 0.7%, while the mid-cap FTSE 250 added 0.4% by 0816 GMT. Both the indexes were on track for weekly gains in more than a month.

Miners jumped 3.2% as investors cheered news that Beijing will relax its strict COVID-19 measures in March.

Lifting sentiment further, the Bank of England hinted on Thursday that peak interest rates would be less than what markets had originally priced in.

Britain's National World Plc jumped 7.1% after it said it was exploring a cash offer for Daily Mirror owner Reach Plc. Reach rose 4.1%.

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

Source: Reuters

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