FTSE 100 Index rises ahead of busy week

by Jonathan Adams

The London top-flight gained traction on Monday ahead of a busy week of economic and corporate news.

The FTSE 100 Index picked up 22.9 points to 6753.39, the FTSE 250 lifted 93.66 points to 17077.12 and the FTSE AIM All-Share advanced 2.76 points to 742.98.

The first estimate of second quarter UK GDP on Wednesday is likely to attract attention, although it covered the period before the EU referendum, prompting some analysts to brand it irrelevant.

Also on the menu are Monday’s CBI Industrial Trends survey, Wednesday’s CBI Distributive Trades survey and two consumer and business confidence studies, both on Friday.

Economists at Daiwa Capital Markets said: “Expect readings to be consistent with Friday’s flash PMIs, which signalled the likelihood of a significant retrenchment in activity in July.”

Over the weekend, world finance ministers and central bankers at the G20 summit in China vowed to boost economic growth after warning that the UK vote to quit the EU would compound global risk.

Corporate reports were relatively limited on Monday ahead of an expected deluge later in the week.

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