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London stocks rise as China trade data offsets gloomy earnings

Published 07/05/2020, 08:18
Updated 07/05/2020, 08:24
© Reuters.
UK100
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RR
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RSAl
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FTMC
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(For a live blog on European stocks, type LIVE/ in an Eikon
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* FTSE 100 up 0.4%, FTSE 250 adds 0.6%

May 7 (Reuters) - UK stock markets headed higher on Thursday
with investors looking past dismal quarterly earnings reports on
hopes of a faster recovery from a coronavirus-led recession
following a surprise rise in China's exports.
The export-laden FTSE 100 .FTSE climbed 0.4% and the
mid-cap FTSE 250 .FTMC added 0.6% as China's exports rose in
April for the first time this year with factories racing to make
up for lost sales due to the coronavirus shock. Historic global stimulus and signs of a plateau in the
COVID-19 pandemic powered the FTSE 100 in April, but the index
has struggled to build on those gains this month as economic
data underlines the extent of the damage already done.
Aero-engine maker Rolls-Royce RR.L fell 2.7% after saying
it placed over 4,000 staff on furlough in the UK. Insurer RSA RSA.L said it expected its exposure from the
outbreak to total around 25 million pounds ($30.89 million), but
its shares rose 3.9% to the top of the FTSE 100 in early
trading. Earlier in the day, the Bank of England held off from
launching further stimulus measures, as expected, but said it
was ready to take action to counter the coronavirus hit to the
economy.

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