UK’s FTSE 100 rises on commodity boost; economic data in focus By Reuters

© Reuters. FILE PHOTO: Signage for the London Stock Exchange Group is seen outside of offices in Canary Wharf in London, Britain, August 3, 2023. REUTERS/Toby Melville/File Photo

(Reuters) – The UK’s started the year on a positive note, underpinned by energy shares on Tuesday, while investors looked ahead to economic data this week and its potential impact on the Bank of England’s interest rate trajectory.

The blue-chip FTSE 100 was up 0.3% by 0814 GMT, touching an over seven-month high, while the midcap index edged down 0.1%.

Energy shares climbed 0.9% after oil prices jumped 1% on potential Middle East supply disruptions and expectations of an economic stimulus from world’s top crude importer China. [O/R]

In company news, Marks And Spencer soared 1.7% after Exane BNP Paribas (EPA:) raised the retailer’s stock rating to “outperform” from “neutral”.

Shares of HSBC (LON:) fell 0.4% as its subsidiary HSBC Continental Europe completed the sale of its retail banking business in France to Crédit Commercial de France.

Drugmaker AstraZeneca (NASDAQ:) slid 0.3% even as its respiratory syncytial virus immunization for infants, developed with Sanofi (EPA:), got an approval in China.

Manufacturing and services activity and housing prices data will be on investors’ radar through the week to assess the strength of the British economy, which might be in a recession.

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