Category Market News

FTSE Close: US-China hopes boost stocks

FTSE outperforms on week as US-China tensions ease, China stocks surge, but Wall Street rally cools.
Mark Rogers

Mark Rogers

The FTSE 100 was the top-performing UK index this week, surging 93.28 points or 1.3% to close at 7,504.25 on Friday. For the week, the blue-chip index added 2.0%.

Optimism over easing US-China tensions and a more favourable interest rate outlook buoyed the benchmark.

The FTSE 250 also finished higher, up 216.39 points or 1.2% at 18,567.87. The midcap index jumped 4.0% over the five trading days.

The AIM All-Share closed up 5.76 points or 0.8% at 719.05 on Friday, gaining 2.6% across the week.

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China-linked stocks led the gains in London, with Standard Chartered up 4.4%, Prudential rising 3.0% and miner Anglo American adding 2.7%. Investors welcomed signs of improved relations between China and the US, a key export market for the Asian nation.

Interest rate sensitive issues also climbed as UK and US inflation data pointed to price pressures continuing to ease. Property firm Land Securities gained 2.1% while housebuilder Taylor Wimpey finished 2.3% stronger.

In contrast, Wall Street’s rally cooled slightly despite the positive developments.

Real Good Food plunged 15% as the food manufacturer flagged cash constraints and supply woes were hurting performance. It expects November and December sales to miss previous forecasts.

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