Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

British equities hit one-week high as China pledges boost sentiment

2024 01 24T084723Z 2 LYNXMPEK0N097 RTROPTP 4 BRITAIN STOCKS - Global Banking | Finance

British equities hit one-week high as China pledges boost sentiment

By Sruthi Shankar and Khushi Singh

(Reuters) -British equities touched a one-week high on Wednesday, bolstered by China-exposed stocks following measures taken by the Chinese central bank to support the economy, while sterling rallied after a survey hinted at high-for-longer interest rates.

The exporter-heavy FTSE 100 ended 0.6% higher, while the domestically oriented FTSE 250 index added 0.9%.

Industrial metal miners rose 2.6% after China’s central bank announced a 50 basis points cut in the amount of cash that banks must hold as reserves from Feb. 5, in an attempt to shore up a fragile economic recovery.

Miners Antofagasta, Glencore and Anglo American climbed between 3% and 5.3%, leading gains on the FTSE 100.

“Today has seen prices edge higher on hopes that the new measures announced by China will provide an uplift on the demand side, although the fact that they are due to arrive just before Chinese New Year could mean that the pickup in demand might be delayed several weeks,” said Michael Hewson, chief market analyst at CMC Markets UK.

Asia-exposed insurer Prudential was up 2.2%, while luxury retailer Burberry added 3.7%, lifting the personal goods index 2.5% on hopes of a demand refresh from China.

Precious metal miners surged 4.7%, supported by positive news about all of its constituent companies.

Endeavour Mining jumped 4.4% and Centamin gained 5.2% after Liberum upgraded their shares to “buy”, saying gold equities will shine this year amid global war and trade tensions if Donald Trump wins the U.S. presidential race in November.

In addition, gold miners Fresnillo Plc climbed 4.2% and Hochschild Mining moved up 7.5% following strong production numbers.

Meanwhile, the pound rose after a survey showed Britain’s economy started 2024 on a stronger footing, prompting investors to reduce their bets on the Bank of England moving quickly to cut interest rates.

Among individual stocks, pest control company Rentokil was the top decliner on FTSE 100, down 2.3%, after BofA Global Research downgraded the stock.

Tullow Oil was among the top gainers on FTSE 250 with a 10.7% rise on guidance for strong cash flow over the next two years.

(Reporting by Sruthi Shankar, Khushi Singh in Bengaluru; Editing by Dhanya Ann Thoppil and Jonathan Oatis)

Global Banking & Finance Review


Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!

By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post