English
English
Tiếng Việt
ภาษาไทย
繁體中文
한국어
Bahasa Indonesia
Español
Português
zu-ZA
0

Market Analysis

London Stocks Rise on Real Estate Support Amid Election Focus
Amos Simanungkalit · 43K Views

image.png

 

London stocks kicked off the week on a positive note, buoyed by gains in real estate shares and the broader European market amidst renewed hopes for global rate cuts.

The blue-chip FTSE 100 rose by 0.4%, poised to end a four-session losing streak, while the mid-cap FTSE 250 climbed by 0.6% as of 0730 GMT.

Over the weekend, the far right emerged victorious in the first round of France's unexpected snap election.

"There's optimism that the French election results weren't as unfavorable as anticipated, which has lifted the mood across the continent," said Fiona Cincotta, senior market analyst at City Index.

"We're also seeing optimism from Friday's US core PCE report, suggesting that the Federal Reserve might start cutting interest rates sooner."

The personal consumption expenditure report from the U.S. on Friday indicated that inflation aligned with expectations.

The pan-European STOXX 600 last increased by 1.1%.

In the London market, real estate stocks led the gains with a 1.2% rise after a Nationwide report revealed a slight increase in British house prices in June from May, despite higher interest rates continuing to impact the property market.

Real estate investment trusts (REITs) advanced by 1.3%.

Britons are gearing up for domestic parliamentary elections on Thursday, with opinion polls indicating that Labour Party leader Keir Starmer is likely to replace Conservative Rishi Sunak as prime minister.

In corporate news, Anglo American (JO) dropped by 3.2% to the bottom of the FTSE 100 after announcing the suspension of production at its Australian metallurgical coal mine due to an underground fire that broke out on Saturday.

 

 

 

Paraphrasing text from "Reuters" all rights reserved by the original author.

Need Help?
Click Here