

Market Analysis
Britain's leading stock index started Friday on a positive note, aiming for its fourth consecutive quarterly gain, buoyed by robust local economic growth figures that surpassed expectations despite concerns ahead of U.S. inflation data.
The FTSE 100 rose by 0.5%, driven by gains in energy and financial sectors, while the midcap FTSE 250 also saw a slight increase of 0.1% as of 0716 GMT.
Official data revealed that Britain's economy expanded by 0.7% in the first quarter of the year compared to the previous quarter, exceeding the anticipated growth rate of 0.6%.
These figures come ahead of the upcoming July 4 parliamentary elections in the UK, where opinion polls indicate potential leadership change from Conservative Prime Minister Rishi Sunak to Labour Party leader Keir Starmer.
Rebecca Maclean, an investment director specializing in UK equities at abrdn, commented, "With less than a week until the election, these economic numbers may not necessarily sway the electorate. There remains some uncertainty about the outcome, but we anticipate increased political stability in the UK market."
Investors are eagerly awaiting the U.S. personal consumption expenditure (PCE) data later today. Growing expectations of subdued U.S. inflation leading to potential interest rate cuts by the Federal Reserve this year have bolstered global stock markets.
UK energy stocks climbed over 1% on optimism surrounding potential Fed rate cuts, supporting oil prices. Financial stocks also saw modest gains, with banks rising by 0.7% and the investment banking and brokerage sector edging up by 0.8%.
In contrast, shares of JD Sports Fashion dropped by 6.1% and ranked at the bottom of the FTSE 100 following a negative revenue forecast from U.S. competitor Nike on Thursday.
Paraphrasing text from "Reuters" all rights reserved by the original author.