FTSE 100 snaps five-week losing streak as inflation back to BoE's target

Reuters

FTSE 100 snaps five-week losing streak as inflation back to BoE's target

2024 6월 21 일, 오전 8:36 GMT

<html xmlns="http://www.w3.org/1999/xhtml"><head><title>UPDATE 2-FTSE 100 snaps five-week losing streak as inflation back to BoE's target</title></head><body>

For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window

FTSE 100 down 0.4%, FTSE 250 off 0.3%

Britvic surges after rejecting revised offer

United Utilities up after JP Morgan upgrades to "overweight"

B&M down after Morgan Stanley downgrades to "underweight"

Updated at 1550 GMT

By Pranav Kashyap and Shubham Batra

June 21 (Reuters) -London stocks closed the week on a positive note after domestic inflation fell to the Bank of England's 2% target earlier this week, raising bets of an interest rate cut in August, but a hot reading of the retail sales tempered some of that optimism.

The FTSE 100 .FTSE was down 0.4% on the day, while it logged a 1% advance for the week and snapped a five-week losing streak.

The mid-cap FTSE 250 .FTMC fell 0.3% on the day but held some ground to log its first weekly gain in four.

British retail sales rose by 2.9% in May, rebounding sharply from a revised 1.8% decline in April. Economists' poll had forecast sales volumes would increase by 1.5%.

Meanwhile, British businesses are expanding at the slowest pace since the economy was in recession last year, as some companies put big decisions on hold until after July 4's election.

Investor sentiment in Britain is gradually brightening after comments from the BoE on Thursday brought an August rate cut into play and inflation returned to its 2% target for the first time in nearly three years in May.

Markets are currently pricing in a 47% chance of a rate cut in August.

The personal goods sector .FTNMX402040 advanced 0.5% on Friday, making it the top performer among FTSE 350 sectors, while banks .FTNMX301010 were the worst performers with a 1.6% fall.

Among individual movers, shares in Britvic BVIC.L surged 7.8% after the soft drinks maker rejected a revised, unsolicited, possible cash offer from Carlsberg Group CARLb.CO.

United Utilities UU.L gained 1.6% after J.P.Morgan upgraded the stock to "overweight" from "neutral".

B&M BMEB.L fell 1.7% after Morgan Stanley lowered its rating to "underweight" from "equal weight".

Reporting by Pranav Kashyap in Bengaluru; Editing by Saumyadeb Chakrabarty, Nivedita Bhattacharjee and Emelia Sithole-Matarise

 For related prices, Reuters users may click on - * UK stock report .L FTSE index: 0#.FTS6 techMARK 100 index: .FTT1X FTSE futures: 0#FFI: Gilt futures: 0#FLG: Smallcap index: .FTSC FTSE 250 index: .FTMC FTSE 350 index: .FTLC Market digest: .AD.L Top 10 by vol: .AV.L Top price gainers: .NG.L Top % gainers: .PG.L Top price losers: .NL.L Top % losers: .PL.L * For related news, click on - * UK hot stocks: HOT and GB Wall Street: .N Gilts report: GB/ Euro bond report GVD/EUR Pan European stock report: .EU Tokyo stocks: .T HK stocks: .HK Sterling report: GBP/ Dollar report: USD/ * For company prices, click on - * Company directory: UKEQ By sector: FTAX * For pan-European market data, click on - * European Equities speed guide................ EUR/EQUITY FTSE Eurotop 300 index........................... .FTEU3 DJ STOXX index................................... .STOXX Top 10 STOXX sectors........................ .PGL.STOXXS Top 10 EUROSTOXX sectors................... .PGL.STOXXES Top 10 Eurotop 300 sectors.................. .PGL.FTEU3S Top 25 European pct gainers.................... .PG.PEUR Top 25 European pct losers..................... .PL.PEUR

</body></html>