The FTSE 100 has capped off its longest successful streak on report as buyers cheered the prospect of potential commerce talks between the US and China.
The UK’s flagship inventory index closed 1.17pc up on Friday, whereas the mid-cap FTSE 250 closed 0.52pc increased.
This got here after Beijing’s commerce ministry mentioned it’s “at the moment evaluating” a suggestion made by the US to start out talks.
The rise marked the FTSE’s fifteenth consecutive every day enhance – the longest run of constructive days in a row in historical past for the British benchmark index, in line with Bloomberg. It has risen 2.15pc within the final 5 days.
Traders throughout the Atlantic have been equally enthused on the prospect of talks. As UK markets closed Wall Avenue was on target for its highest shut since Mr Trump’s so-called “Liberation Day” one month in the past, when he despatched shockwaves by world markets by imposing tariffs on world commerce companions.
The US index would require an increase of 1.2pc at present to drag this off. It was on target to realize this as markets closed within the UK, with the index using round 1.30pc increased.
Enterprise chiefs world wide will likely be hoping that some settlement will ultimately be discovered between Mr Trump and his rivals in Beijing following weeks of uncertainty.
Nevertheless, whereas buyers have rallied on the prospect of talks, specialists mentioned earlier at present they have been nonetheless cautious.
Amy Xie Patrick, of Pendal Group, instructed Bloomberg TV earlier at present: “Is it progress? Sure, I might say that when it comes to how onerous the US aspect had pushed on the tariffs entrance. Is the uncertainty over? I very a lot doubt it.”
Beijing mentioned any talks would require concessions from the US earlier than they may start. The US has imposed 145pc duties on items from China, with the world’s second largest financial system hitting again with 125pc levies.
“If the US desires to speak, it ought to present its sincerity to take action, be ready to right its improper practices and cancel unilateral tariffs,” China’s commerce ministry mentioned.
President Trump has repeatedly claimed that China has reached out for talks on the tariffs, and this week mentioned he believed there was a “excellent probability we’re going to make a deal”.