Miners lift UK's FTSE 100 to new 20-month highs, Burberry slides (updated)

Mid Penn Bancorp

11/11/2021 10:11

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    * Burberry slumps after earnings update 
    * UK economy grows 0.6% in Sept
    * B&M drops on lower earnings
    * FTSE 100, FTSE 250 up 0.3%

 (Adds comment, updates prices)
    By Bansari Mayur Kamdar
    Nov 11 (Reuters) - UK's blue-chip index hit fresh 20-month
highs on Thursday as miners bounced on relief that property
developer China Evergrande averted a default, although a slew of
disappointing updates from retailers cast gloom on the sector.
    Luxury brand Burberry  BRBY.L  fell 6.1% after it said sales
in regions such as Europe and Japan remained under pressure from
reduced tourist levels, even as it exceeded quarterly profit
expectations.  urn:newsml:reuters.com:*:nFWN2S13LA
    Discount retailer B&M  BMEB.L  dropped 6.4% after posting
lower first-half core earnings.  urn:newsml:reuters.com:*:nASN001VGY 
    The FTSE 100 index  .FTSE  still rose 0.3% in morning trade,
helped by China-exposed mining stocks, after China Evergrande
averted a destabilising default at the last minute for the third
time in the past month.  urn:newsml:reuters.com:*:nL1N2S207Z Precious metal miners
 .FTNMX551030  added 3.0%.  urn:newsml:reuters.com:*:nL4N2S213U
    Data showed Britain's economy grew by 0.6% in September,
beating estimates and gaining some steam at the end of the third
quarter, but estimates for previous months were revised lower.
 urn:newsml:reuters.com:*:nL8N2S22CO
    "It's surprising that FTSE opened higher, given the
lacklustre GDP numbers painting a picture of UK sputtering in
its economic recovery and supply chain issues still causing
problems for many sectors," said Susannah Streeter, senior
investment and markets analyst at Hargreaves Lansdown.
    "The uptick is because with sluggish growth amid higher
inflation, there are expectations that BoE won't raise rates in
really quick succession."
    In comparison to its European and U.S. peers, the FTSE 100
has underperformed in post-pandemic recovery this year, hurt by
global supply chain problems, surging energy prices, post-Brexit
shortages of labour and inflationary worries.
    Oil major BP  BP.L  fell 1.1% after it and Norway's Aker
 AKER.OL  jointly sold a 5% stake in Norwegian oil firm Aker BP
 AKRBP.OL , cutting their combined holding in the company to
65%.  urn:newsml:reuters.com:*:nL8N2S20XO
    Johnson Matthey  JMAT.L  tumbled 15.2% after announcing
plans to exit its battery materials business and the departure
of its chief executive.  urn:newsml:reuters.com:*:nL4N2S21VQ
    Online car marketplace Auto Trader Group Plc  AUTOA.L  was
the top gainer on the FTSE 100, surging as much as 10.3%, after
it reported its highest ever half-year revenue and profit.
    

    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
FTSE set to underperform the European STOXX 600 for third
consecutive year    https://tmsnrt.rs/3EXbP1U
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
 (Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by
Shailesh Kuber)
 ((BansariMayur.Kamdar@thomsonreuters.com;))
 
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