United Kingdom: Resilient growth versus fiscal strain – Rabobank
Rabobank's Senior FX Strategist Jane Foley highlights that recent UK data, including Q2 Gross Domestic Product (GDP), real output per head and the August composite Purchasing Managers' Index (PMI), point to resilient growth and improved consumer confidence.
U.K. stocks experienced a rise at the close of trade on Tuesday, with the Investing.com United Kingdom 100 index climbing 0.33% to set a new all-time high. The surge was driven by strong gains across various sectors, including Automobiles & Parts, Household Goods & Home Construction, and Pharmaceuticals & Biotech. Vistry Group PLC (LON:VTYV) emerged as the top performer, surging by 16.31% or 43.80 points to reach 312.40 at the close.
Melrose Industries PLC (LON:MRON) and AstraZeneca PLC (LON:AZN) also made notable gains, climbing 10.43% or 48.20 points to 510.20 and 3.02% or 366.00 points to 12,476.00, respectively. Conversely, Standard Chartered PLC (LON:STAN) and Diageo PLC (LON:DGE) were among the weakest performers, falling by 2.51% or 55.00 points to 2,140.00 and 2.01% or 35.50 points to 1,735.50, respectively.
WPP PLC (LON:WPP) also saw a decline, dropping by 1.93% or 7.70 points to 392.20. In the London Stock Exchange, rising stocks outnumbered declining ones by a significant margin of 1024 to 666, while 562 stocks ended the day unchanged. Gold Futures for December delivery saw a modest increase of 0.08% or 3.59 to $4,701.39 per troy ounce, while Crude oil prices for October delivery slid by 3.40% or 2.89 to $82.12 per barrel, and November Brent oil fell by 3.48% or 3.15 to $87.39 per barrel.
The GBP/USD exchange rate remained steady at 1.36, and EUR/GBP remained unchanged at 0.86. The US Dollar Index Futures also experienced a slight dip of 0.04% at 98.89.
Written by urgent.news from Investing.com's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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