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Inflation surprise sets UK homebuilders for biggest rally since 2008
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MILAN (Reuters) – Shares in UK property-related stocks rallied on Wednesday as investors cheered data that showed UK inflation slowed faster than expected in June, which sent an index of homebuilder shares up by the most since late 2008.
MILAN (Reuters) – Shares in UK property-related stocks rallied on Wednesday as investors cheered data that showed UK inflation slowed faster than expected in June, which sent an index of homebuilder shares up by the most since late 2008.
By 0718 GMT, the FTSE 350 homebuilders index soared almost 7% and was set for its biggest one-day gain since November 2008. A gauge of UK real estate stocks gained over 6%, on course for its best day since February.
(Reporting by Danilo Masoni; Editing by Amanda Cooper)
Inflation is the rate at which the general level of prices for goods and services rises, eroding purchasing power. It is typically measured by the Consumer Price Index (CPI) or the Producer Price Index (PPI).
Homebuilders are companies or individuals that construct residential properties, including single-family homes, townhouses, and condominiums. They play a crucial role in the real estate market by meeting housing demand.
The FTSE 350 homebuilders index is a stock market index that tracks the performance of the largest 350 companies in the UK, specifically those involved in the construction and development of residential properties.
A stock market rally refers to a period of sustained increases in stock prices, often driven by investor optimism and positive economic indicators. It can occur in specific sectors or across the entire market.
A one-day gain in the stock market indicates a significant increase in stock prices over a single trading day. It can reflect investor sentiment and market reactions to economic news or events.
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