London's FTSE 100 climbs on China stimulus boost
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FTSE 100 adds 0.3%, FTSE 250 off 0.4%
Miners jump after China stimulus measures
BoE's Bailey: rates heading downwards gradually
Updated at 1550 GMT
By Lisa Pauline Mattackal and Shubham Batra
Sept 24 (Reuters) -The UK's FTSE 100 rose on Tuesday as markets cheered fresh stimulus measures in China that lifted shares of miners and luxury-focused retailers, while midcaps fell led by losses in utilities.
The blue-chip FTSE 100 .FTSE was up 0.3% as regulators in China unveiled broad stimulus measures, including rate cuts and moves aimed at reviving the stock market, in an attempt to spark growth in the country's faltering economy.
Industrial metal miners .FTNMX551020 jumped nearly 5% to a nearly one-month high, as metal prices rose on expectations of higher demand from the top consumer China.
Shares of miners Anglo American AAL.L, Antofagasta ANTO.L and Glencore GLEN.L rose between 4% and 7%.
Burberry BRBY.L gained over 2%, rising along with other European luxury companies, buoyed by hopes of demand revival in the Chinese market.
FTSE 250 midcap index .FTMC fell 0.4% tracking weakness in Drax DRX.L that slid 2.6% after the British power generator said it could invest up to $12.5 billion developing biomass plants with carbon capture and storage in the U.S. over the next decade.
Smiths Group SMIN.L fell 5.2% after the engineering group announced acquisitions of two North American companies, while posting a slight miss in its annual profit.
Dunelm DNLM.L also dipped 6.3%, as top shareholder Will Adderley and his private investment firm sold a nearly 5% stake in the homeware retailer, according to bookrunner Barclays.
In an interview published Tuesday, Bank of England Governor Andrew Bailey said that he was "very encouraged" by the downwards path of inflation and that interest rates were gradually heading lower.
Meanwhile, British Prime Minister Keir Starmer said that the cost of fixing shortfalls in the public finances would be shared fairly and that all his government's policies would still be properly funded.
His comments come a day after Finance Minister Rachel Reeves ruled out a return to economic austerity.
Reporting by Lisa Mattackal and Shubham Batra in Bengaluru; Editing by Rashmi Aich and David Evans
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