UK stocks open higher on China optimism
Shares have opened higher in London, as investors welcome the news that China’s economy grew faster than forecast at the start of this year.
The blue-chip FTSE 100 index is up 20 points, or 0.25%, at 7900 points. It’s on track for its eighth rise in a row, a run that not been seen since December 2020.
Photograph: Refinitiv
Mining companies are leading the rally, with Fresnillo up 3%, and Antofagasta and Anglo American both gaining 1.9%.
This morning’s Chinese GDP data, showing the economy expanded by 4.5% per year in Q1, is bolstering hopes that Beijing’s lifting of Covid-19 restrictions and stimulus efforts are paying off.
But the outlook for the global economy this year is still uncertain.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, explains:
As consumer confidence has grown and production has got back on track, retail sales have jumped to a two year high and industrial output has picked up a pace not seen for 5…
This article was written by Graeme Wearden and originally published on www.theguardian.com