U.K. Stocks Reverse Drop as Commodity Producers Rise for 8th Dayby
Britain’s shares erased a decline as miners headed for their longest streak of gains since 2003.
The FTSE 350 Mining Index, which fell as much as 1.9 percent earlier, added 0.6 percent at 12:03 p.m. in London. BHP Billiton Ltd. rose 2.5 percent and Fresnillo Plc gained 3 percent, the most among FTSE 100 Index companies.
The FTSE 100 added 0.3 percent, after earlier falling as much as 0.5 percent and rising 0.5 percent. It jumped 7.2 percent in the past six days, the most since 2011, and closed at its highest level since Aug. 20. The broader FTSE All-Share Index climbed 0.1 percent, and Ireland’s ISEQ Index slipped 0.2 percent.
Bank of England policy makers said the U.K. economy is withstanding international pressures, while also signaling they have room to keep interest rates at a record low as inflation weakness persists. The Monetary Policy Committee voted 8-1 to keep the key rate at 0.5 percent, with Ian McCafferty maintaining his call for an increase.