UK Stocks Rally as Political Tensions Ease Amid Labour Market Surprises
London's stock indexes rose as political tensions eased after Finance Minister Rachel Reeves expressed confidence in her role, supported by Prime Minister Keir Starmer. The FTSE 100 climbed 0.6%, while retail stocks led sectoral gains. In contrast, the US Fed's decision saw traders adjust rate cut expectations.
After a day of political unrest, London's stock markets show signs of recuperation. Finance Minister Rachel Reeves, supported by Prime Minister Keir Starmer, reassured markets of her commitment, easing investor concerns.
The FTSE 100 marginally rose by 0.6%, buoyed by strong retail performance. Currys, an electricals retailer, spearheaded the surge with a 7.1% share increase following impressive profit figures attributed to high demand in mobile and computing sectors.
Meanwhile, midcap retailers faced pressure, led by Watches of Switzerland's 8% drop due to tariff concerns. Pharmaceutical stocks showed weakness, with AstraZeneca and GSK declining. The broader economic outlook stays cautious, with market eyes on the Bank of England's upcoming monetary moves.
(With inputs from agencies.)
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