Strong earnings pull FTSE 100 higher ahead of BoE meet, election day | Malay Mail

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LONDON, May 6 — London’s FTSE 100 edged higher today, boosted by heavyweight consumer staple stocks and positive earnings updates from Next and Melrose Industries, while investors eyed Bank of England’s policy decision and local and regional elections. The blue-chip index rose 0.2 per cent,...

Thursday, 06 May 2021 06:27 PM MYT

The blue-chip index rose 0.2 per cent, with fashion retailer Next gaining 2.6 per cent as it raised its profit outlook for the 2021-22 year for the second time in two months. “The question, of course, is when would the tapering occur — if it occurs this year and next year, it might be conditional on; for example inflation target or some other target going forward, so no hurry,” said Sebastien Galy, senior macro strategist at Nordea Asset Management.

After rising more than 9 per cent year-to-date on optimism about a stronger economic reopening from pandemic-driven recession last year, the FTSE 100 has traded in a tight range since April on concerns central banks might pull their monetary support sooner than expected as inflation rises.

 

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