Today saw UK stocks shake themselves out of a three-day rut, rallying along with equity markets more broadly in Europe, though the US has missed out.
Defence stocks and banks were a big help to gains, with earnings boosting shares in smaller companies like Upper Crust owner SSP and publisher Future. Trustpilot, meanwhile, slumped following a short-seller report.
Gilts were a bright spot with yields falling across the curve as weak construction data prompted traders to add slightly to bets of Bank of England rate cuts. The pound was also perky, rising towards $1.34 and among the best performers among major currencies.
Still, investors pulled money from UK stocks ahead of the budget and both AJ Bell and Frasers Group weren’t fans of the budget and the uncertainty it’s caused. And ad agency WPP is ending its 27-year stay in the FTSE 100.
And that’s where we’ll leave it for today. Join us here tomorrow for more markets fun. In the meantime, feel free to reach out to us at marketstoday@bloomberg.net. Have a lovely evening!
