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UK stocks rise on optimism over consumer confidence data, US debt deal

World

19-05-2023 | 03:33

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UK stocks rise on optimism over consumer confidence data, US debt deal

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UK's main indexes rose on Friday as data showing British consumer confidence hit a 15-month high added to the optimism that a deal over the US debt ceiling was imminent.

The blue-chip FTSE 100 (.FTSE) rose 0.2 percent by 7:04 GMT, turning positive for the week.

Industrial metals miners (.FTNMX551020) and energy firms (.FTNMX601010) added 0.6 percent and 1.3 percent, respectively, as commodity prices were boosted by signs that a deal on raising the US debt ceiling could be done as early as Sunday.

Adding to the upbeat mood, a survey showed domestic consumer confidence rose to its highest in 15 months in May as households took a more positive view of the economy and their finances.

Smiths Group Plc (SMIN.L) rose 1.0 percent after the industrial group lifted its annual revenue growth forecast for the third time in five months, as demand for its products improved on decarbonization trends and from airport upgrades.

The FTSE midcap index (.FTMC) added 0.1 percent.

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