FTSE 100 closes ahead but US stocks plunge amid release of April inflation data
Britain s blue chip index closed more than 56 points higher, or 0.82% up, at 7,004 with oil giants among the top winners
FTSE 100 closes ahead
UK GDP growth beats forecasts
5.03pm: FTSE closes ahead
FTSE 100 closed convincingly in the green on Wednesday but midcap FTSE 250 fared less well, while US stocks plunged amid the release of inflation numbers.
Britain s blue chip index closed more than 56 points higher, or 0.82% up, at 7,004, with oil giants among the top winners as crude prices firmed.
FTSE 250, though, dropped 59 points, or 0.27%, at 22,107.
The US Consumer Price Index rise in April this year, at 4.2%, compared to a year earlier, was the sharpest since September, 2008. Economists had expected a jump of 3.6%.
UK economy picked up in March
The UK economy contracted by 1.5% in the first three months of 2021 but showed strong growth in March, according to new figures from the Office for National Statistics (ONS).
Across the first quarter, GDP shrank by 2.5% in January and then grew by 0.7% in February and 2.1% in March – the fastest monthly growth since August 2020.
“The strong recovery seen in March, led by retail and the return of schools, was not enough to prevent the UK economy contracting over the first quarter as a whole, with the lockdown affecting much of the services sector,” explained Darren Morgan, ONS director of economic statistics.
To improve the performance of our website, show the most relevant news products and targeted advertising, we collect technical impersonal information about you, including through the tools of our partners. You can find a detailed description of how we use your data in our Privacy Policy. For a detailed description of the technologies, please see the Cookie and Automatic Logging Policy.
By clicking on the Accept & Close button, you provide your explicit consent to the processing of your data to achieve the above goal.
You can withdraw your consent using the method specified in the Privacy Policy.
Accept & Close
Sputnik International
Subscription Notification
We have noticed that there is an issue with your subscription billing details. Please update your billing details here
Please update your billing information
The subscription details associated with this account need to be updated. Please update your billing details here to continue enjoying your subscription.
Your subscription will end shortly
Please update your billing details here to continue enjoying your access to the most informative and considered journalism in the UK.
Coronavirus restrictions saw the UK economy contract at the start of 2021 but the hit was smaller than first feared as growth rebounded in March, according to official figures.
The Office for National Statistics (ONS) revealed that gross domestic product (GDP) – a measure of the size of the economy – fell by 1.5% between January and March as lockdown took its toll.
A resilient performance in March helped soften the blow, with GDP rising by a better-than-expected 2.1% month on month – the fastest growth since August 2020 – despite restrictions remaining firmly in place.
The ONS said the reopening of schools in March and solid retail spending helped drive the recovery.