FTSE recoups week’s losses as strong US data calms markets - London Report

THE FTSE 100 rose yesterday recouping all of its losses from this week's bruising sell-off after strong US data calmed global markets rocked by concerns over Chinese growth.

The index closed up 212.83 points, or 3.6 per cent, at 6,192.03, shadowing gains made on Wall Street and in Chinese stocks. It was broadly in line with the pan-European FTSEurofirst 300 index which climbed 3.7 per cent.

The US GDP growth number easily beat expectations, but some said a September US rate hike still looks unlikely due to market volatility.

Recent market upheavals have sent the FTSE 100 down over 9 per cent in so far in August, setting it up for its biggest monthly loss since October 2008.

All but one FTSE 100 stock was in positive territory, with China-sensitive stocks such as miners and UK-listed Asian banks gaining most.

Anglo American and BHP Billiton were the top risers, up more than 9 per cent, while Rio Tinto gained 6.8 per cent and Standard Chartered rose 7 per cent. Whitbread, the only FTSE 100 stock to fall, was down 0.9 per cent.