European Stock Markets
The UK’s top share index climbed on Tuesday following a shaky start to the month, although mining giant Glencore (GLEN.L) fell after one of its subsidiaries received a U.S. subpoena.
The pound rose on Tuesday as a rebound in risk appetite supported sterling and after a survey showed Britain’s construction industry enjoying its fastest growth in June in seven months.
The British currency rose 0.4 percent versus the dollar to as high as $1.3196, away from 2018 lows hit last week of $1.3050. Sterling made most of those gains before the construction survey numbers were released.
The blue-chip FTSE 100 .FTSE index was up 0.3 percent at 7,571.59 points by 0855 GMT, making back some of Monday's 1.2 percent loss when concerns over global trade hit risky assets.
The mood was upbeat across the wider European equity trading landscape after German Chancellor Angela Merkel’s conservatives settled a row over migration that threatened to topple her fragile governing coalition late on Monday evening.
On the FTSE, consumer staples, health stocks and financials added the most points to the index.
Shares in IAG (ICAG.L) were among the top gainers, up 2.3 percent on the back of a supportive research note from Credit Suisse in which analysts raised their price target for the British Airways-owner, saying that they expect efficiency gains to drive up margins.
Miners, however, were a weak spot as Glencore (GLEN.L) dropped 12.2 percent to a one-year low. The miner said that a subsidiary had received a U.S. Department of Justice subpoena on compliance with money-laundering laws.
The broader FTSE 350 mining index .FTNMX1770 fell 3.2 percent. The sector has come under pressure from uncertainty over the United States’ trade dispute with China, which has kept a lid on underlying copper prices.
The FTSE 100 has dipped back into negative territory for the year, down 1.5 percent year to date, though it has managed to slightly outperform a 2.1 percent decline for the Euro stoxx .STOXXE index.
British mid caps .FTMC rose 0.4 percent, helped by gains in industrials and consumer stocks.
The pound rose on Tuesday as a rebound in risk appetite supported sterling and after a survey showed Britain’s construction industry enjoying its fastest growth in June in seven months.
The British currency rose 0.4 percent versus the dollar to as high as $1.3196, away from 2018 lows hit last week of $1.3050. Sterling made most of those gains before the construction survey numbers were released.
The blue-chip FTSE 100 .FTSE index was up 0.3 percent at 7,571.59 points by 0855 GMT, making back some of Monday's 1.2 percent loss when concerns over global trade hit risky assets.
The mood was upbeat across the wider European equity trading landscape after German Chancellor Angela Merkel’s conservatives settled a row over migration that threatened to topple her fragile governing coalition late on Monday evening.
On the FTSE, consumer staples, health stocks and financials added the most points to the index.
Shares in IAG (ICAG.L) were among the top gainers, up 2.3 percent on the back of a supportive research note from Credit Suisse in which analysts raised their price target for the British Airways-owner, saying that they expect efficiency gains to drive up margins.
Miners, however, were a weak spot as Glencore (GLEN.L) dropped 12.2 percent to a one-year low. The miner said that a subsidiary had received a U.S. Department of Justice subpoena on compliance with money-laundering laws.
The broader FTSE 350 mining index .FTNMX1770 fell 3.2 percent. The sector has come under pressure from uncertainty over the United States’ trade dispute with China, which has kept a lid on underlying copper prices.
The FTSE 100 has dipped back into negative territory for the year, down 1.5 percent year to date, though it has managed to slightly outperform a 2.1 percent decline for the Euro stoxx .STOXXE index.
British mid caps .FTMC rose 0.4 percent, helped by gains in industrials and consumer stocks.
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