June 26, 2022

EUNews24

Latest Breaking News, European Affairs

FTSE 100 rises as Ukraine optimism lifts risk appetite

0 0
2 min read
0 0
Read Time:1 Minute, 38 Second

 The benchmark FTSE 100 tracked global markets higher on Monday, as hopes of a de-escalation in Russia-Ukraine tensions bolstered appetite for risky assets.

The FTSE 100 index (.FTSE) rose 0.4% in morning trade.

The office of French President Emmanuel Macron said on Monday President Joe Biden and Russian President Vladimir Putin had agreed in principle to a summit over Ukraine.

“It’s cautious optimism at best and fragile but it does offer some hope that diplomacy is going to be sought,” said Craig Erlam, a market analyst at Oanda.

“This will also bring a lot of unpredictability, and as we saw last week, it doesn’t take much for sentiment to turn again.”

Banking stocks (.FTNMX301010), among the star performers so far this year, added 1.6%.

Heavyweight banks like HSBC (HSBA.L), Lloyds Banking Group , and Barclays (BARC.L) are expected to report their earnings later this week, days after NatWest (NWG.L) posted a hefty profit but warned of rising prices.

The domestically focussed mid-cap index (.FTMC) reversed its early gains to fall 0.1%, with Playtech plc (PTEC.L) leading losses with its 3.3% drop.

Meanwhile, British Prime Minister Boris Johnson is expected to set out plans to scrap coronavirus restrictions, lifting travel and leisure stocks (.FTNMX405010) up 0.5%.

Aiding markets further, activity in Britain’s private sector picked up at the fastest pace since June 2021 this month, as spending on travel, leisure and entertainment rose after an Omicron wave of cases eased, a survey showed.

Among individual stocks, John Menzies (MNZS.L) rose 0.5% after saying Kuwait’s National Aviation Services (NAS) has sweetened its takeover proposal for the British airport services company to about 559 million pounds ($761.75 million).

Drugmaker AstraZeneca (AZN.L) climbed 1.3% after saying its cancer drug helped patients with a type of advanced breast cancer live longer.

In the United States, markets are closed on Monday for Presidents Day.

SOURCE: REUTERS

Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %