May 20 Reuters Gains in industrial stocks helped Londons FTSE 100 bounce back on Thursday from its worst daily performance in a week, while shares of Trainline slumped to the bottom of the midcap index as UK reorganised its railway system.
The bluechip index rose 0.2, with Experian jumping 4.1 to the top of the index, a day after its upbeat quarterly revenue forecast.
However, gains on the index were capped by Tesco, GlaxoSmithKline, and Unilever, which fell as they traded exdividend.
The wider industrial index added 1.8.
The domestically focussed midcap FTSE 250 advanced 0.1. Publisher Future surged 8.1 to the top of index after Deutsche Bank raised its price target on the stock.
Globally, stock markets struggled for traction after a jittery session on Wall Street where cryptocurrencies crashed and the U.S. Federal Reserve minutes hinted of tapering talk from a number of officials based on a continued strong economic recovery.
Todays move is quite indicative of an advanced carry trade in the sense every setback is seen as an opportunity, said Sebastien Galy, senior macro strategist at Nordea Asset Management.
Something is in disequilibrium, its building up and the market is in a longterm overshoot. Fear of inflation will have an impact on European equities, but the correction will be much more shallow and not last very long as its not so expensive relative to the United States.
The FTSE 100 has gained about 7.9 yeartodate on optimism about strong economic…