UK stocks finally come back into fashion

2024-05-06
Summary:

Global stocks cheered softer-than-expected US jobs data. Britain's FTSE 100 hit a record high on Friday and marked its second straight week of gains.

Global stocks cheered softer-than-expected US jobs data that had put investors on edge. FTSE 100 hit a fresh record high on Friday and registered a second straight week of gains.


Signs of easing inflation, hopes of early interest rate cuts by the BOE and attractive prices have helped boost confidence in UK equities. Interest-rate-sensitive homebuilder stocks were benefited in particular.


UK service sector saw activity surge to the highest level in almost a year last month despite increased cost pressures. That marked the sixth consecutive month in positive territory.


Standard Chartered said its earnings grew over the start of the year due to its big presence in Asia. HSBC’s Q1 results were likewise buoyant, bucking the trend of UK banks which have seen profits dwindle.


Anglo American CEO met on Friday South African mines minister Gwede Mantashe for the first time to discuss the bid from BHP. Glencore is also studying an approach for the company, sources told Reuters.


Anglo American share price has soared by roughly 39% so far, which played a major role in propelling the benchmark index. The UK stock market have gained nearly the same as its German and France peers.

100GBP

The FTSE 100 has entered overbought territory as indicted by RSI – a sign of potential profit-taking. Political uncertainties could weigh against stocks as Tories were trounced in the latest local elections.


Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

Funds scoop up UK stocks amid speedy rotation

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EBC Financial Group is a co-brand shared by a group of entities including:
EBC Financial Group (SVG) LLC is authorized by the St.Vincent and the Grenadines Financial Services Authority(SVGFSA),and the company registration number is 353 LLC 2020. with registered address at Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines.
Other Relevant Entities
EBC Financial Group (UK) Limited is authorised and regulated by the Financial Conduct Authority. Reference Number: 927552. Website: www.ebcfin.co.uk
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Business Address: The Leadenhall Building, 122 Leadenhall Street, London, United Kingdom, EC3V 4AB. Email Address : [email protected]. Telephone : +44 20 3376 9662
Disclaimer: EBC Financial Group explicitly does not participate in any cryptocurrency activities or offer Crypto Contracts for Difference (CFDs). Our financial services solely pertain to traditional instruments. Clients are advised that any references to crypto-related services using the EBC name are inaccurate and unauthorized. Any reference to past performance is not indicative of future performance. The information contained in this website is provided for reference only and does not constitute any investment advice.
Regional Restrictions: EBC does not offer any services to citizens and residents of certain jurisdictions including: Afghanistan, Belarus, Burma (Myanmar), Canada, Central African Republic, Congo, Cuba, Democratic Republic of the Congo, Eritrea, Haiti, Iran, Iraq, Lebanon, Libya, Malaysia, Mali, North Korea (Democratic People's Republic of Korea), Russia, Somalia, Sudan, South Sudan, Syria, Ukraine (including Crimea, Donetsk, and Luhansk Regions), the United States, Venezuela, and Yemen. For more information, please check out our FAQs.
Compliance Disclosure：The website can be accessed globally and is not specific to any entity. Your actual rights and obligations will be determined based on the entity and jurisdiction that you choose to be regulated.There may be local laws and regulations which prohibit or limit your rights to access, download, distribute, disseminate, share or otherwise use any or all of the documents and information published on this website.
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