London stocks hit record high


London’s stock market rebounded today with miners buoyed by solid Chinese economic growth figures while eurozone indices steadied.

Asia equities mostly increased in value following another record close on Wall Street before the weekend.

In the eurozone, Paris gained 0.1 percent and Frankfurt dropped 0.1 percent in steady trading. London’s commodities-heavy FTSE 100 index however rebounded 0.6 percent as strong Chinese growth data bolstered demand hopes from the world’s leading consumer of many raw materials.

Shares in mining giants Anglo American, Glencore and Fresnillo each jumped by more than two percent in value.

The world’s number two economy expanded an annualised 6.9 percent in April-June, beating forecasts in an AFP survey and indicating it is stabilising after a years-long slowdown. The reading was the same as the previous three months.

China is trying to shift from an economy reliant on state investment to one powered by consumer spending. Its leaders are also attempting to clamp down on bad debt, which analysts fear could spark a financial crisis if not dealt with.

In London, shares in British independent television channel ITV were the star performer, jumping 2.6 percent to 179.60 pence. EasyJet stock gained 1.7 percent to 1,435 pence.

Back in Asia, Shanghai equities pared steep early losses thanks to the stronger than expected growth figures. Shanghai stocks still fell 1.4 percent after a top-level government policy-setting conference at the weekend promised an extended crackdown on risks in the financial system.

The country’s second exchange in Shenzhen dived 4.3 percent while the ChiNext gauge, a Nasdaq-style index in Shenzhen, plunged 5.1 percent to a near thirty-month low.

Since April, China has launched an aggressive crackdown on risky lending as warnings mounted over a looming debt crisis due to runaway credit.

– Key figures around 1145 GMT –

London – FTSE 100: UP 0.6 percent at 7,419.40 points

Frankfurt – DAX 30: DOWN 0.1 percent at 12,621

Paris – CAC 40: UP 0.1 percent at 5,242.70

EURO STOXX 50: UP 0.1 percent at 3,172.80

Hong Kong – Hang Seng: UP 0.3 percent at 26,470.58 (close)

Shanghai – Composite: DOWN 1.4 percent at 3,176.46 (close)

Tokyo – Nikkei 225: Closed for public holiday

New York – DOW: UP 0.4 percent at 21,637.74 (close)

Euro/dollar: DOWN at $1.1451 from $1.1470 at 2100 GMT Friday

Pound/dollar: DOWN at $1.3073 from $1.3098

Dollar/yen: UP at 112.60 yen from 112.53

Oil – Brent North Sea: UP 16 cents at $49.07 per barrel

Oil – West Texas Intermediate: UP 13 cents at $46.67

Source : Reuters


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