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FTSE 100 outperforms European peers on strong earnings, upbeat GDP data

05/12/2021 03:23
FTSE 100 outperforms European peers on strong earnings, upbeat GDP data

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FTSE 100 up 0.3%, FTSE 250 adds 0.4%

- London's FTSE 100 rebounded on Wednesday, supported by positive earnings updates from companies including Diageo, while stronger-than expected monthly GDP data bolstered optimism about a sharp recovery from the pandemic-driven slump last year.

The blue-chip index .FTSE rose 0.3%, with spirits maker Diageo DGE.L adding 2.7% after it forecast organic operating profit growth to be at least 14% in its current fiscal year and restarted its capital return programme. nL4N2MZ1R2

Catering company Compass Group CPG.L rose 1.9% as it said its fiscal third-quarter margins would improve sequentially, supported by cost-cutting measures, after reporting a slight profit and revenue beat in the first half. nL4N2MZ1PJ

The domestically focused mid-cap FTSE 250 index .FTMC advanced 0.4% after official data showed Britain's economy grew by 2.1% in March from February led by the retail sector. nL8N2MZ209

Globally, stocks extended a sell-off from the previous session as investors braced for U.S. consumer price index report with market-based measures of inflation expectations having moved higher. MKTS/GLOB

UDG Healthcare UDG.L jumped 22.2% after private-equity firm Clayton, Dubilier & Rice (CDR) agreed to buy the pharmaceuticals services company for 2.6 billion pounds ($3.7 billion). nL1N2MZ0DN


(Reporting by Devik Jain in Bengaluru; Editing by Subhranshu Sahu)

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