UK property stocks, homebuilders gain as weak PMI data eases rate-hike fears

LXi REIT

24/08/2023 08:48

** The FTSE Real Estate index  .FTUB3510 , which includes
commercial property firms and real estate investment trusts
(REITs), gains 1.6%
    ** UK homebuilders' index  .FTNMX402020  rises 1%
    ** Shares of UK real estate firms gain after weak economic
data for Britain and the euro zone eased fears for further Bank
of England (BoE) rate rises
    ** Preliminary purchasing manager indexes for August for
Britain and the euro zone were below expectations of all
economists polled by Reuters
    ** BoE is now marginally predicted to make only one more
increase to Bank Rate, taking it to 5.50% on Sept. 21, though a
significant minority of economists polled by Reuters still
expect rates to go even higher this year
    ** Supermarket Income REIT  SUPR.L , a firm which invests in
retail property and holds a large portfolio of supermarkets,
rises about 3%, making it top pct gainer on the Real Estate
index 
    ** Warehousing specialist Warehouse REIT  WHRW.L  and
healthcare facilities provider Primary Health Properties  PHP.L 
rise 2.3% and 2.5%, respectively 
    ** Mid-cap affordable housing-focused player Vistry  VTYV.L 
top pct gainer on the homebuilders' index, gaining 2.3%
    

 (Reporting by Aby Jose Koilparambil in Bengaluru)
 ((abyjose.koilparambil@thomsonreuters.com))