FTSE 100 Rises on Strong UK GDP Data and Tesco Gains
The FTSE 100 index closed higher by 0.3%, reaching 10,589.99 points, driven by better-than-expected UK economic growth figures and positive trading updates from major retailers like Tesco. Monthly GDP grew by 0.5% in February, surpassing the 0.1% consensus and indicating a stronger economic footing despite ongoing global energy tensions. Deutsche Bank economists noted that while the data smashed expectations, future growth may slow due to rising fuel and energy costs impacting household disposable incomes. Meanwhile, Bank of England Governor Andrew Bailey stated that policymakers would not rush to raise interest rates amid uncertainties surrounding the Middle East energy crisis. In corporate news, Intertek shares soared after rejecting an £8 billion takeover bid from EQT Fund Management, deeming it undervalued. Global markets also reacted to geopolitical developments, with US indices hitting record highs on hopes for US-Iran talks, even as oil prices climbed above $98 per barrel following threats of a US blockade on Iranian ports.
Wire timeline
FTSE 100 Rises on Strong UK GDP Data and Tesco Gains
The FTSE 100 index closed higher by 0.3%, reaching 10,589.99 points, driven by better-than-expected UK economic growth figures and positive trading updates from major retailers like Tesco. Monthly GDP grew by 0.5% in February, surpassing the 0.1% consensus and indicating a stronger economic footing despite ongoing global energy tensions. Deutsche Bank economists noted that while the data smashed expectations, future growth may slow due to rising fuel and energy costs impacting household disposable incomes. Meanwhile, Bank of England Governor Andrew Bailey stated that policymakers would not rush to raise interest rates amid uncertainties surrounding the Middle East energy crisis. In corporate news, Intertek shares soared after rejecting an £8 billion takeover bid from EQT Fund Management, deeming it undervalued. Global markets also reacted to geopolitical developments, with US indices hitting record highs on hopes for US-Iran talks, even as oil prices climbed above $98 per barrel following threats of a US blockade on Iranian ports.
The Standard