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Name | Symbol | Market | Type |
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FTSE 100 Index | FTSE:UKX | FTSE Indices | Index |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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41.34 | 0.51% | 8,213.49 | 8,248.73 | 8,172.15 | 8,172.15 | 0 | 16:35:30 |
By Emily Horton
Tailwinds from optimism ahead of Fed meeting also help in London
Lo
London markets rose Wednesday, buoyed by global optimism ahead of a Federal Reserve meeting, while a deal in the pharmaceutical sector triggered a rally for heavyweight GlaxoSmithKline Group PLC.
How are markets trading?
The U.K.'s FTSE 100 gained nearly 1% to 6,768.01, while the pound slipped to $1.2620 from $1.2639 on Tuesday.
What is driving the markets?
The outcome of the Fed meeting and any decision on interest rates will come after the close of London markets. The central bank is widely expected to hike rates, but there have been plenty of calls for it to hold off. Among them is President Donald Trump, who again urged the Fed Tuesday to hold off on hiking rates (http://www.marketwatch.com/story/when-trump-tweets-about-the-fed-it-also-turns-up-heat-on-mnuchin-2018-12-17).
(http://www.marketwatch.com/story/when-trump-tweets-about-the-fed-it-also-turns-up-heat-on-mnuchin-2018-12-17)Inflation in the U.K. cooled in November (http://www.marketwatch.com/story/cooler-uk-inflation-brings-it-towards-boe-goal-2018-12-19), bringing the annual rate closer to the Bank of England's 2% target. The central bank indicated that it is ready to raise interest rates three or more times in the next couple of years to contain price growth, assuming Britain's exit from the European Union in March goes smoothly.
Five big U.K. business groups issued a joint statement on Wednesday (https://www.reuters.com/article/us-britain-eu/100-days-to-brexit-businesses-warn-uk-of-no-deal-abyss-idUSKBN1OI0PX) expressing "horror" over Brexit uncertainty, saying many companies have been forced into pricey contingency plans, as the government laid out plans for a "crash out," of the EU (http://www.marketwatch.com/story/uk-conservatives-lay-groundwork-for-a-crash-out-brexit-while-labour-seeks-to-soothe-city-2018-12-18).
There was some upbeat news on the global trade front as Treasury Secretary Steven Mnuchin said the U.S. and China will meet in January to try to broker a cease-in the continuing trade dispute (http://www.marketwatch.com/story/treasury-sec-mnuchin-says-us-china-will-meet-again-in-january-bloomberg-2018-12-19), in an interview with Bloomberg on Tuesday.
What stocks are active?
Pharmaceutical company GlaxoSmithKline PLC (GSK.LN) led the heavyweight gainers, with its shares rising nearly 7% on the news that it will create a consumer-health-focused joint venture (http://www.marketwatch.com/story/glaxo-pfizer-to-unite-consumer-health-businesses-2018-12-19) with U.S. drugmaker Pfizer Inc. .
Resource stocks rose, with miner BHP Group (BHP.LN) up 1.3%, Rio Tinto PLC (RIO.LN) (RIO.LN) rose nearly 2% and Glencore PLC(GLEN.LN) rose by 1.5%. BP PLC (BP.LN) (BP.LN) rose 1%. The oil giant could be looking to sell $3 billion in U.S. onshore gas and oil assets, Reuters reported (http://www.marketwatch.com/story/bp-may-sell-3-billion-in-us-assets-reuters-2018-12-19), citing sources.
(END) Dow Jones Newswires
December 19, 2018 08:40 ET (13:40 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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