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FTSE 100 up 0.04%, FTSE 250 adds 0.3%
JD Sports falls following Nike’s forecast cut
FTSE 100 logs fourth-straight weekly gain
There will be no UK equities report on Dec. 25, 26 on account of Christmas and Boxing Day; Reuters will resume coverage on Dec. 27
By Shashwat Chauhan and Shubham Batra
Dec 22 (Reuters) –British equities logged solid weekly gains heading into the Christmas holidays on Friday amid rising hopes that major central banks, including the Bank of England, could consider interest rate cuts next year.
The blue-chip FTSE 100 .FTSE edged 0.04% higher, extending gains to a fourth week, while FTSE 250 midcap index .FTMC rose for a third straight week, up 0.3%.
The rally in global markets driven by the Federal Reserve’s dovish pivot and a surprise drop in domestic inflation boosted UK equities.
Britain’s economy might now be in a recession, according to data, which showed output shrank in the July-to-September quarter.
“The outlook for 2024 looks shaky with a sluggish consumer, ongoing price increases and more expensive borrowing costs,” said Victoria Scholar, head of investment at interactive investor.
A separate reading showed that British retail sales volumes rose by 1.3% in November, compared with the month before.
The November U.S. Personal Consumption Expenditure (PCE) index, the Fed’s preferred inflation gauge due later in the day, would be on investors’ radar.
Retailers .FTNMX404010 were amongst the top decliners, down 0.7%, while construction and materials .FTNMX501010 were the top gainers, adding 1.0%.
Heavyweight energy stocks .FTNMX601010 added 0.4%, tracking rising crude oil prices as tensions persisted in the Middle East following Houthi attacks in the Red Sea, capping losses. O/R
Aerospace and defence .FTNMX502010 was the best performing FTSE 350 sector this week, while personal goods .FTNMX402040 was the worst hit.
The UK markets will be offline on December 25-26 on account of Christmas and Boxing Day holidays.
Among individual stocks, sportswear company JD Sports JD.L lost 5.1% after U.S. firm Nike NKE.N, the world’s largest sportswear maker, trimmed its annual sales forecast, blaming cautious consumer spending.
Reporting by Shashwat Chauhan and Shubham Batra in Bengaluru; Editing by Varun H K and Shweta Agarwal
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