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FTSE 100 gains as solid China data lifts energy, mining stocks

Published 15/05/2020, 08:15
© Reuters.
UK100
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BP
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SHEL
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RIO
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BHPB
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GLEN
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* FTSE 100 up 1.2%, FTSE 250 adds 1.0%

May 15 (Reuters) - London's FTSE 100 rose on Friday after
two straight days of losses as a jump in China's factory output
for the first time in 2020 powered miners and oil and gas
producers, while investors remained cautious about a looming
coronavirus-fuelled recession.
The commodity-heavy FTSE 100 .FTSE was up 1.2%, with BP
Plc BP.L and Royal Dutch Shell Plc RDSa.L providing the
biggest boost. Miners including Rio Tinto RIO.L , Glencore
GLEN.L and BHP Group BHPB.L jumped between 2.0% and 3.4%.
O/R MET/L
The mid-cap FTSE 250 rose 1% with data showing China's
industrial production climbed a faster-than-expected 3.9% in
April as the country returned to work after months of
coronavirus-induced lockdowns. Still, both benchmark indices are on track for their first
weekly slump in three weeks as millions of job losses globally
and growing U.S.-China tensions crush consumer demand. U.S.
President Donald Trump said on Thursday he had no interest in
speaking to his Chinese counterpart right now. Battered cruise operator Carnival Corp CCL.N surged 7% to
the top of the FTSE 100 after saying it was cutting 820
positions out of a workforce of roughly 3,000 employees in
Florida as the future of the industry remains uncertain amid
no-sail orders due to the COVID-19 pandemic.

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