Banks lead FTSE fightback after North Korea sell-off

Paterniano Del Favero
Agosto 16, 2017

London's premier index rebounded into positive territory on Monday as investor jitters eased over the stand-off between the United States and North Korea.

The benchmark FTSE 100 was up 38 points or 0.51 percent at 7,347 in late opening deals after falling as much as 1.1 percent on Friday. Last Thursday, the FTSE 100 endured its biggest daily fall since 18 April and the index closed the week nearly 200 points down compared to the start of the week. The UK's leading index was at a three-month low point, following fears about tensions between North Korea and the USA.

He said: "The stand-off is far from over, but traders are taking their cues from Washington DC which is hoping to pursue a political end to the tense situation".

China's industrial production rose year-on-year by 6.4pc, missing expectations of 7.1pc and retreating from June's 7.6pc figure.

The FTSE 100 ended its losing streak on Monday, closing up 0.6 per cent on the day as rhetoric between the USA and North Korea cooled. Tour company TUI has gained 4.8 percent, climbing to an all-time high following a broker upgrade from Credit Suisse to "neutral", from "underperform".

On the foreign exchange markets, the pound was down 0.22 per cent against the dollar to $1.2982 and up 0.09 per cent against the euro at 1.1014 euros.

Outside of the top tier, John Menzies saw its share price jump by more than 1% after a £40 million merger between the firm's distribution arm and DX Group was scrapped. Glencore ended the day up 3 per cent at 322p while Standard Chartered gained more than 2 per cent to end the day at 753.6p.

The biggest fallers were Experian down 22p to 1,495p, G4S down 3.4p to 296p, Marks & Spencer down 3.6p to 323.5p, Provident Financial down 20p to 1,956p.

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