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FTSE rallies on mining boost and dovish ECB

FTSE 100 buoyed by mining rally on China data, while report claims ECB will move slowly in removing stimulus.

 
FTSE rallies on mining boost and dovish ECB

The FTSE 100 has rallied, buoyed by mining shares and reports the European Central Bank (ECB) will move slowly in 'tapering' its bond-buying quantitative easing programme.

The UK blue-chip index rose 68 points, or 0.9%, to 7,433, with miners jumping to the top of the index.

Anglo American (AAL) jumped 3.2% to £14.08, Antofagasta (ANTO) rose 3.1% to £10.46 and Rio Tinto (RIO) was up 2% at £37.52.

They were buoyed by better-than-expected manufacturing data from China, with the purchasing managers' index reaching 51.7 in August, the highest reading this year. Any reading above 50 indicates expansion.

Investors were also buoyed by a Reuters report claiming the euro's strong rise this year was worrying ECB policymakers.

The news agency cited three sources claiming the currency's rally was pushing the central bank towards a more gradual tapering of its bond-buying quantitative easing stimulus programme.

That sparked a rally in eurozone government bonds, and buoyed stock markets. The German DAX 30 rose 0.7% and the French CAC 40 was up 0.9%.

 

 

 

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