Stock prices in London, Paris and Frankfurt were up on Thursday morning, with the FTSE 100 up comfortably despite UK economic growth undershooting expectations.
Gross domestic product edged up 0.1% in November, driven by growth in services, after a fall of 0.1% in October. This undershot the FXStreet-cited market consensus of 0.2% growth.
Separately, the Office for National Statistics said the UK trade deficit in goods and services widened by £3.8 billion to £10.8 billion in the three months to the end of November. Also, the ONS noted that November’s monthly production output was at its lowest level since May 2020, despite the decline of 0.4% slowing from October’s 0.6% decrease.
The FTSE 100 index opened up 46.50 points, 0.6%, at 8,347.63. The FTSE 250 was up 41.84 points, 0.2%, at 20,375.46, and the AIM All-Share was up 0.96 points, 0.1%, at 715.49.
The Cboe UK 100 was up 0.5% at 836.66, the Cboe UK 250 was up 0.3% at 17734.12, and the Cboe Small Companies was up 0.2% at 15,382.58.
Among large-caps, Whitbread lost 1.2%.
The hotel company said that while third-quarter sales rose 19% on-year to £80.7 million in Germany, in the UK they decreased 4% to £695.1 million and total sales were down 2% at £763 million. Food & beverage sales fell 12%.
Taylor Wimpey was the FTSE 100’s biggest loser, down 3.6%.
The housebuilder noted that 2024 UK completions totalled 9,972, down on-year from 10,356. The average UK private home price decreased to £356,000 from £370,000.
The firm said it begins 2025 with an increased order book and ‘an encouraging level of enquiries’ but said it is too early to ‘gauge customer behaviour’ for the year. Also, it expects ‘increased build cost pressure as a result of the changed economic backdrop, including as suppliers seek to factor in the impacts of the recent UK Budget’.
Among small caps, Celadon Pharma rose 81%.
The cannabis-based medicine-focused pharmaceutical company announced a new supply contract in Germany, with total expected revenue of £26 million.
Also, Celadon said its supply deal with Valeos is now active and expected to supply the company with up to three tonnes of annual cultivation capacity.
In European equities on Thursday, the CAC 40 in Paris was up 1.4%, while the DAX 40 in Frankfurt was up 0.2%.
The pound was quoted lower at $1.2205 early on Thursday in London, compared to $1.2243 at the equities close on Wednesday.
The euro stood flat at $1.0296, against $1.0293. Against the yen, the dollar was trading lower at JP¥155.98 compared to JP¥156.51.
In Asia on Thursday, the Nikkei 225 index in Tokyo was up 0.3%. In China, the Shanghai Composite was up 0.3%, while the Hang Seng index in Hong Kong was up 1.2%. The S&P/ASX 200 in Sydney closed up 1.4%.
In the US on Wednesday, Wall Street ended higher, with the Dow Jones Industrial Average up 1.7%, the S&P 500 up 1.8% and the Nasdaq Composite up 2.5%.
Brent oil was quoted higher at $81.76 a barrel early in London on Thursday from $81.46 late Wednesday.
Gold was quoted higher at $2,699.09 an ounce against $2,683.65 late on Wednesday.
Still to come on Thursday’s economic calendar, from the US there is retail sales and initial jobless claims; closer to home is the eurozone’s trade balance release and CPI data from Ireland.
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