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FTSE 100 heads for best session in 10 days

Published 19/08/2019, 08:25
© Reuters.  FTSE 100 heads for best session in 10 days
UK100
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HSBA
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BP
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SHEL
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FTMC
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(For a live blog on European stocks, type LIVE/ in an Eikon

news window)

* FTSE 100 up 0.9%, FTSE 250 up 0.6%

* Chinese moves on corporate interest rates lift stocks

globally

* BP , Shell jump as Yemen attack adds to Middle East

tensions

* HSBC up 2%, leading other Asia-focussed financials

Aug 19 (Reuters) - Sharp rises in oil company shares drove

Britain's FTSE 100 higher on Monday, after an attack on a Saudi

oil facility by Yemeni separatists pushed crude prices higher,

while Asia-exposed banks gained following moves by China to keep

business interest rates low.

By 0710 GMT, the FTSE 100 .FTSE had jumped nearly 1%, its

biggest one-day rise in more than 10 days, while the midcap

index .FTMC was 0.6% higher.

Shell RDSa.L and BP BP.L both rose 1.5%, tracking a

surge in crude prices following a drone attack by Yemen's Houthi

group on an oilfield in eastern Saudi Arabia on Saturday, which

caused a fire at a gas plant and added to Middle East tensions.

Miners and Asia-exposed financial heavyweights, led by HSBC

HSBA.L with a near 2% rise, also offered support after China's

central bank announced a set of reforms to help lower borrowing

costs for companies and support an economy that has been bruised

by the trade war with the United States.

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