U.K. stocks eked out modest gains on Tuesday as China unveiled a raft of stimulus measures and the Bank of England (BoE) Governor Andrew Bailey said he doesn’t expect a return to low rates.
Bailey said he was “very encouraged” by the downwards path of inflation and therefore expects interest rates will fall gradually.
The benchmark FTSE 100 was up 0.3 percent at 8,281 after gaining 0.4 percent on Monday.
Miners Anglo American, Antofagasta and Glencore surged 5-7 percent as copper prices hit a two-month high supported by China’s measures.
Energy giant BP Plc gained 1 percent and peer Shell added half a percent as oil prices rose on signs of escalating Middle East tensions and a weaker dollar.
Engineering firm Smiths Group slumped 7.4 percent after its FY24 results missed estimates.
CRH, a provider of building materials solutions, fell 1 percent after announcing a new CEO.
Johnson Matthey rallied 2.1 percent. The chemicals and sustainable technologies company said the second tranche of share buyback, announced in July, of up to 125 million pounds will commence today.
Market Analysis
FTSE 100 Modestly Higher After Bailey’s Comments
2024-09-24 09:31:16
