FTSE 100 up 0.2%, lifted by Astrazeneca

The LSE ended the week on a high, after data showed the UK GDP contracted by a less-than-expected 0.1% in the second quarter, after a 0.7% increase in the first quarter. The FTSE100 advanced 0.47% on Friday and 0.8% for the week.

Lower-than-expected inflation in the US and a less aggressive intervention by the Federal Reserve in September pushed financial markets also contributed to the gains.

Risk appetite seems to be intact for the time being, despite weaker-than-expected manufacturing data from China. Industrial production rose 3.8% year-on-year, vs 4.3% expected. Retail sales are up 2.7% compared with forecasts of 4.9%.

The FTSE 100 was up 0.2% this morning, boosted by AstraZeneca after it reported positive trial results for the drug Enhertu

This week, will be watching the latest inflation numbers in the UK. The CPI’s annual rate is expected to jump to 9.8% from 9.4% in June. On the corporate side, there will be results Walmart and Target.

 

Things to read today:

China cuts lending rate as economic data disappoint and Covid cases rise (Financial Times)

Next UK Chancellor: Kwasi Kwarteng wrote an outspoken book on Empire, now he wants to change the subject (The Times)

Wall Street, Like the Climate Bill, Bets on Both Green Energy and Fossil Fuels (WSJ)