FTSE 100 in sight of record high as financial stocks gain – Reuters UK

Jan 16 (Reuters) – Britain's blue-chip FTSE 100 closed increased on Monday, leaving it lower than a p.c beneath the document excessive it hit in 2018, on optimism over the worldwide economic system and indicators that inflation is coming beneath management.
The FTSE 100 (.FTSE) ended up 0.2% at 7,860.07, not far off its all-time excessive of seven,903.50 factors hit in Might 2018, whereas the mid-cap FTSE 250 (.FTMC) added 0.7%.
Monetary shares had been the highest gainers, with Asia-focussed HSBC (HSBA.L) and Prudential (PRU.L) up 0.8% and a couple of.5% respectively on hopes that China's speedy reopening from COVID lockdowns will enhance the worldwide economic system.
"Traders seem to have fallen again in love with UK property," stated Susannah Streeter, senior funding and markets analyst, Hargreaves Lansdown. "Confidence has rebounded as buyers eye China's reopening."
Traders are awaiting UK November jobs information on Tuesday and shopper costs in addition to retail gross sales information later this week for clues on the state of the economic system in addition to the Financial institution of England's (BoE) rate-hike path.
"Inflation is moderating," stated Andrea Cicione, head of technique at TS Lombard. "It’s turning into more and more demand pushed and turning into extra pro-cyclical."
Cash markets are pricing in a 64.3% likelihood of a 50-basis level hike by the BoE in February to curtail inflation.
Marks & Spencer (MKS.L) rose 2.9% after the clothes and meals retailer stated it deliberate to open 20 new, larger shops in its 2023-24 monetary 12 months as a part of an overhaul of its retailer property that can see it make investments 480 million kilos ($587 million).
On-line grocery store firm Ocado (OCDO.L) gained 5.2% forward of its fourth-quarter buying and selling replace on Tuesday.
Oil majors BP (BP.L) and Shell (SHEL.L) slipped near 0.4% every as crude costs fell.
ITM Energy (ITM.L) slumped 12% after the power storage and clear gasoline firm forecast a wider full-year loss.
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UK's Tradition Secretary Michelle Donelan has accepted adjustments to the On-line Security Invoice that can make senior managers at tech companies criminally accountable for persistent breaches of their obligation of care to youngsters, the Telegraph reported on Monday.
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