Britain's FTSE rises on new S&P record, Asia growth outlook

LONDON, July 23 Tue Jul 23, 2013 3:11am EDT

LONDON, July 23 (Reuters) - Britain's FTSE rose in early deals on Thursday, as fresh record highs in the U.S. stock markets and encouraging forecasts of GDP out of Asia gave a filip to growth sensitive stocks.

The S&P 500 notched a third consecutive record closing high on Monday, while Japan upgraded its economy view and China made a commitment to maintain growth above 7 percent.

So-called cyclical stocks, such as financials and basic materials which are sensitive to optimism over the global economy led the market higher, contributing 17 points to a 28 point advance on the FTSE 100.

By 0707 GMT, the blue chip index was up 0.4 percent at 6,651.71, just 0.1 percent off setting a new six week high.

(Reporting by Alistair Smout)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

A tourist takes a plunge as she swims at Ngapali Beach, a popular tourist site, in the Thandwe township of the Rakhine state, October 6, 2013. Picture taken October 6, 2013. REUTERS/Soe Zeya Tun (MYANMAR - Tags: SOCIETY) - RTR3FOI0

Where do you want to go?

We look at when to take trips, budget considerations and the popularity of multigenerational family travel.   Video