British Stocks Rebound From Two-Week Low in Broad-Based AdvanceBy
Almost all FTSE 100 Index shares gained, recovering from their Monday losses.
The benchmark gauge added 1 percent at 10:03 a.m. in London as 93 of its shares climbed. HSBC Holdings Plc and Barclays Plc rose more than 1.6 percent, with European lenders contributing the most to gain in the regional Stoxx Europe 600 Index. Miner Rio Tinto Group advanced 2.3 percent, while energy producer BP Plc gained 1.3 percent as commodities climbed with a weaker dollar.
U.K. stocks have become the year’s best performers among developed markets, thanks to the tumbling pound. The FTSE 100 hit a record in intraday trading last Tuesday, before retreating. It closed 2.1 percent below last week’s high on Monday. As investors await details about the Brexit process, economists forecast the Bank of England will lower its benchmark rate to a record-low 0.1 percent next month, even as inflation accelerates. It quickened at its fastest pace in almost two years in September.
Among stocks moving on corporate news, William Hill Plc climbed 2.1 percent after saying the bookmaker ended merger talks with PokerStars owner Amaya Inc. Ryanair Holdings Plc advanced 2.5 percent as analysts said it remains the stand-out winner despite cutting its profit forecast. Peer EasyJet Plc added 3.8 percent, rebounding from its lowest price since January 2013.
Burberry Group Plc tumbled 8.7 percent after wholesale sales fell more than forecast. Pearson Plc fell another 3.9 percent, following its biggest slump in July after reporting a revenue drop on Monday.
The FTSE 250 Index of mid-cap shares and the FTSE Small Cap excluding investment trusts index also rose on Tuesday.