FTSE finds its mojo! As economic news improves investor mood

The FTSE 100 got off to a good start as better-than-expected economic news improved investor sentiment. The London blue chip index opened 41 more points to 7,149.

A bit of comfort for the government today as the UK economy has done a little better than expected over the past three months. The UK’s gross domestic product rose 5.5% in the three months of April to June, against an initial estimate of 4.8% which was expected to remain unchanged.

In addition, GDP fell 9.7% last year from the original estimate of a 9.8% drop, which now means the Covid crisis was not the worst in the world. UK history, but only over the past 99 years.

Even so, thousands of workers will be on their toes as the government’s coronavirus leave program ends. At its peak, more than 11 million jobs were subsidized at a cost of around £ 70 billion, with around a million still on the program according to the ONS.

Boohoo Group’s shares fell 10% as it lowered its profit guidance for fiscal 2022 amid rising transportation costs in its supply chain and wage inflation at its hubs. distribution. The clothing retailer said it now expects underlying margins of 9% to 9.5%, down from previous forecasts of 9.5% to 10%.

Among small caps, Quantum Blockchain has filed its first patent application. This is for the ‘ASIC UltraBoost’ technology used in Bitcoin mining, which optimizes the mining algorithm.

SkinBioTherapeutics will gently launch its probiotic dietary supplement for psoriasis patients on October 29, which is also World Psoriasis Day. The product helps relieve symptoms.

Horizonte Minerals has received final credit approvals from five major banks. The group is getting closer to starting construction of its Araguaia nickel mine in Brazil.

Previous Xinhua's global economic news summary at 11:30 GMT, September 29
Next Update closes: US stocks rebound on Friday amid resilient economic data and excitement over Merck's COVID-19 pill

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