FTSE 100 Rises As Q1 GDP Grows Faster Than Expected

U.K. stocks were moving higher on Friday as investors reacted to stronger-than-expected U.K. GDP figures and awaited a key U.S. inflation reading later in the day for clues on when interest rates may be cut.

The British economy recovered more than initially estimated in the first quarter, the latest data from the Office for National Statistics showed.

Gross domestic product grew 0.7 percent from the fourth quarter, when the economy shrank 0.3 percent. In the initial estimate, the rate of expansion was 0.6 percent.

With this, the country has now come out of a technical recession as the GDP contracted in the previous two quarters.

On an annual basis, GDP advanced 0.3 percent in the March quarter, revised up from a 0.2 percent rise estimated initially.

The benchmark FTSE 100 was up 33 points, or 0.4 percent, at 8,213 after declining 0.6 percent on Thursday.

In corporate news, retailer JD Sports Fashion lost 4 percent after Nike, the world’s largest sportswear maker by revenue, warned sales would fall this year.

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