June 3, 2020 / 7:17 AM / a month ago

London stocks jump as China data fuels recovery optimism

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* FTSE 100 up 0.8%, FTSE 250 adds 1.0%

June 3 (Reuters) - UK shares jumped to fresh three-month highs on Wednesday as data showed China’s services sector returned to growth in May, bolstering hopes of a faster global rebound from a coronavirus-driven slump.

The export-heavy FTSE 100 rose 0.8%, as the reading of a survey gauging China’s May services sector activity jumped to its highest level since 2010 following the easing of sweeping lockdowns.

The mid-cap FTSE 250 added 1%, with energy , life insurers and aerospace-related stocks among the early gainers.

Travel and leisure stocks rose for a third straight session as the government said it would review its quarantine procedures for international arrivals based on their economic impact.

A 7.3% jump for TUI Group, Europe’s biggest travel company, was also driven by a deal it struck with U.S.-based Boeing for compensation and slower delivery of the 737 MAX aircraft.

Defence contractor Chemring Group soared 17.6% to the top of the FTSE 250 as it maintained its annual targets and raised dividend after managing to win new orders from the United States despite the coronavirus crisis. (Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Arun Koyyur)

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