London’s FTSE 100 rebounded today after stronger-than-expected GDP data bolstered optimism about a sharp economic recovery.
The blue-chip index rose 0.9 per cent this afternoon, with drinks giant Diageo adding 4.1 per cent after forecasting profit growth and restarting its capital return programme.
Elsewhere, Wall Street’s main indexes opened lower this afternoon after better-than-expected inflation data fuelled fears of tighter monetary policy.
The Dow Jones Industrial Average fell 0.26 per cent, while the S&P 500 dropped 0.52 per cent.
Thee Nasdaq Composite also plummeted, falling by 1.3 per cent at the opening bell.
The US consumer price index jumped 0.8 per cent last month after rising 0.6 per cent in March.
Meanwhile, the domestically focused mid-cap FTSE 250 also rose 0.2 per cent after data showed the retail sector led Britain’s economic recovery in March.
The morning’s biggest winner was Guinness owner Diageo, who rose 4.1 per cent, followed by manufacturer Spirax-Sarco Engineering, up 2.6 per cent.
Miner Glencore and AstraZeneca also rose 1.9 per cent and 1.7 per cent respectively.
Takeaway giant Just Eat was the morning’s biggest faller, dropping by 5.2 per cent, followed by Flutter Entertainment’s 2.5 per cent hit.
Meanwhile, British Airways owner IAG and Aveva both dipped by two per cent and 1.3 per cent respectively.
Around the world
Asian shares fell to their lowest in seven weeks today as growing US inflationary pressure prompted markets to bet on earlier rate hikes.
Analysts said investor fears of cutting their exposure to overstretched stocks was also behind the recent downturn.
After a gloomy start for European shares, Eurostoxx 50 rebounded with a 0.1 per cent boost and Germany’s Dax rose 0.2 per cent.