Stocks in London log best day in three weeks on recovery hopes

Tuesday 1442/4/16 - 2020/12/01
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London, Dec 1, 2020, SPA -- Britain's FTSE 100 and mid-cap FTSE 250 had their best session in three weeks on Tuesday as upbeat Chinese factory data fuelled hopes for a global economic recovery from the COVID-19 crisis, Reuters reported.
Data showed China's factory activity accelerated at the fastest pace in a decade in November, while British factories showed their fastest growth in almost three years.
The Chinese data drove a surge in Asia-focussed banks, which gained 5.6%, while the blue-chip FTSE 100 rose 1.9%, after its biggest monthly gain in more than three decades, and the FTSE 250 added 2.6%.
The FTSE 100 has rallied nearly 30% from an eight-year-low in March on the back of unprecedented fiscal and monetary stimulus and, more recently, signs that an effective COVID-19 vaccine would be available before the end of the year.
But the index is still down about 16% this year, underperforming the European benchmark STOXX 600 index.
British house prices rose by the most in nearly six years in November, data showed, lifting the FTSE homebuilders index by 1.9%.
--SPA best day in three weeks on recovery hopes
London, Dec 1, 2020, SPA -- Britain's FTSE 100 and mid-cap FTSE 250 had their best session in three weeks on Tuesday as upbeat Chinese factory data fuelled hopes for a global economic recovery from the COVID-19 crisis, Reuters reported.
Data showed China's factory activity accelerated at the fastest pace in a decade in November, while British factories showed their fastest growth in almost three years.
The Chinese data drove a surge in Asia-focussed banks , which gained 5.6%, while the blue-chip FTSE 100 rose 1.9%, after its biggest monthly gain in more than three decades, and the FTSE 250 added 2.6%.
The FTSE 100 has rallied nearly 30% from an eight-year-low in March on the back of unprecedented fiscal and monetary stimulus and, more recently, signs that an effective COVID-19 vaccine would be available before the end of the year.
But the index is still down about 16% this year, underperforming the European benchmark STOXX 600 index.
British house prices rose by the most in nearly six years in November, data showed, lifting the FTSE homebuilders index by 1.9%.
--SPA
21:31 LOCAL TIME 18:31 GMT
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