U.K. stocks rose on Tuesday as the British pound weakened after the release of mixed labor market data.
While the latest data pointed to a cooling labor market, strong wage growth in July painted an unclear picture ahead of the Bank of England’s decision on rates next week.
The unemployment rate rose to 4.3 percent in the three months to July from 4.2 percent in the preceding period, the Office for National Statistics reported.
Regarding the wage growth, data showed that average earnings excluding bonuses grew the most since records began in 2001.
BOE policymaker Catherine Mann warned late Monday that it’s too soon for the Bank of England to stop raising rates.
The benchmark FTSE 100 was up 31 points, or 0.4 percent, at 7,527 after closing up 0.3 percent on Monday.
Associated British Foods jumped 6 percent after the Primark owner raised its full-year profit outlook for the second time in four months, citing improved sales growth across categories.
Smurfit Kappa Group shares fell nearly 9 percent. The packaging firm announced a deal to combine with U.S. peer WestRock to form a new holding company, Smurfit WestRock.
Market Analysis
FTSE 100 Edges Higher On Pound Weakness
2023-09-12 09:22:03
