UK stocks extend winning streak, HSBC jumps after results

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Pedestrians exit and enter the London Stock Exchange in London, Britain August 15, 2017. REUTERS/Neil Hall/File Photo

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  • FTSE 100 up 1.1%, FTSE 250 up 1.6%

Aug 1 (Reuters) – The UK’s main stock index extended its winning streak on Monday as HSBC surged after providing an upbeat earnings outlook, while easing inflation expectations dampened stocks. hopes of a rate hike from the Bank of England (BoE) this week.

The blue-chip FTSE 100 (.FTSE) climbed 1.1% at 0721 GMT after hitting seven-week highs on Friday.

HSBC (HSBA.L) jumped 5.9% after Europe’s biggest bank announced a higher profitability target and bullish dividend outlook and rebuffed a proposal from major shareholder Ping An Insurance Group Co of China (601318.SS) to split. Read more

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The broader banking index (.FTNMX301010) added 1.5%.

Pearson (PSON.L) rose 5.6% as the education group reiterated its full-year profit outlook and said its new integrated structure under boss Andy Bird was helping to reduce risks. costs and increase turnover. Read more

The national mid-cap index (.FTMC) gained 1.6% after hitting a seven-week high last week.

Quilter (QLT.L) jumped 13.8% after a news report said NatWest Group (NWG.L) was considering a bid for the fund manager.

British public expectations for inflation fell again in July, a survey finds, which could strengthen the case for the BoE raising interest rates by just a quarter of a percentage point more. late this week. Read more

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Reporting by Sruthi Shankar in Bengaluru; edited by Uttaresh.V

Our standards: The Thomson Reuters Trust Principles.

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