FTSE 100 gains as solid China data lifts energy, mining stocks
Reuters
Published May 15, 2020 08:19
Updated May 15, 2020 10:20
(Reuters) - London's FTSE 100 rose on Friday after two straight days of losses as a jump in China's factory output for the first time in 2020 powered miners and oil and gas producers, while investors remained cautious about a looming coronavirus-fuelled recession.
The commodity-heavy FTSE 100 (FTSE) was up 1.2%, with BP Plc (L:BP) and Royal Dutch Shell Plc (L:RDSa) providing the biggest boost. Miners including Rio Tinto (L:RIO), Glencore (L:GLEN) and BHP Group (L:BHPB) jumped between 2.0% and 3.4%. [O/R] [MET/L]
The mid-cap FTSE 250 rose 1% with data showing China's industrial production climbed a faster-than-expected 3.9% in April as the country returned to work after months of coronavirus-induced lockdowns.
Still, both benchmark indices are on track for their first weekly slump in three weeks as millions of job losses globally and growing U.S.-China tensions crush consumer demand. U.S. President Donald Trump said on Thursday he had no interest in speaking to his Chinese counterpart right now.
Battered cruise operator Carnival Corp (N:CCL) surged 7% to the top of the FTSE 100 after saying it was cutting 820 positions out of a workforce of roughly 3,000 employees in Florida as the future of the industry remains uncertain amid no-sail orders due to the COVID-19 pandemic.
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Written By: Reuters
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