Britain's FTSE inches higher, shrugging off trade tensions
London: The UK’s top share index rose on Friday, shrugging off any worries over global trade after U.S. tariffs on Chinese goods took effect.
The blue chip FTSE 100 .FTSE index was up 0.2 percent at 7,617.70 points at its close, while mid caps .FTMC were flat in percentage terms.
The U.S. imposed tariffs on $34 billion in Chinese imports, with Beijing saying it had no choice but to respond in kind.
While the uncertainty surrounding the tariffs and their impact on growth has weighed on market sentiment, the reaction across European stocks was relatively sanguine with the broad market also closing in positive territory.
Some analysts suggested the tariffs had already been priced in by the market, as the FTSE has posted a slight loss in June and is down 0.3 percent so far in July.
“A lot of the bad news was already factored in,” David Madden, market analyst at CMC Markets UK, said, also pointing to an improvement in sentiment between the U.S. and Brussels.
German Chancellor Angela Merkel said on Thursday she would support lowering European Union tariffs on U.S. car imports in response to an offer from Washington to abandon threatened levies on European cars in return for concessions.
On the day, shares in more defensive sectors such as telecoms, utilities and healthcare added the most points to the FTSE, suggesting investors were still cautious about jumping into more cyclical sectors such as financials and energy, which have been particularly hit by the uncertainty caused by tension in global trading relationships.
ITV (ITV.L) shares were the biggest individual gainers on the index, up 4.3 percent.
The UK broadcaster was boosted by a double upgrade from Societe Generale, whose analysts moved their rating on the stock to “buy” from “sell”, saying the majority of the headwinds ITV faced had now passed.
However, a more negative note from Barclays on UK motor insurers hit shares in Direct Line (DLGD.L), which was among the biggest fallers with a 3.7 percent decline, while a slew of price target downgrades from major brokers weighed on AB Foods (ABF.L), down 4.3 percent.
Deal-related news spiced things up among mid caps, with shares in Inmarsat (ISA.L) dropping 8 percent after the British firm rebuffed a $3.2 billion takeover approach from U.S. satellite group EchoStar (SATS.O).
Indian markets expected to open sideways due to weak Asia cues. Nifty resistance seen at 11180, support seen at 10900,10830.
One of US President Donald Trump's former foreign policy aides has said allegations that he worked with the Russian government during the 2016 US election are "misleading".
US space agency NASA is preparing to launch a probe in August to study the Sun closer than any human-made object ever has, revealing multiple mysteries behind the star.
Pakistan Tehreek-e-Insaf (PTI) candidate Sardar Ikramullah Gandapur has been killed after a suicide bomber targetted his vehicle in DI Khan's Kulachi Tehsil, officials said.
The last session of the G20's Third Meeting of Finance Ministers and Central Bank Governors has taken place here, with delegates acknowledging the rise in trade tensions while calling for greater dialogue.
The station, which was named after Lord Elphinstone, the Governor of Bombay Presidency from 1853 to 1860, has now been renamed in honour of a local deity.
Lavasa -an ultimate getaway, a city that would offer the charms of European locales, with five star comforts in a scenic part of Maharashtra has now become an abandoned town.
A second chargesheet by the ED has confirmed the trail of illegal cash Mallya transferred to his accounts across global tax havens.
Delayed payment by GMR-led DIAL, the Delhi airport operator, to the CISF guards could eventually lead to passengers paying more to fly out of the Indian Capital.
The West Bengal Police has claimed to have busted a Rs 100 crore plus job racket in the Indian Railways following a crucial arrest in the Indian Capital.