Stimulus bets lift FTSE 100 after record collapse in output

  • Reuters
  • Stock Market News
Stimulus bets lift FTSE 100 after record collapse in output
Credit: © Reuters.

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* FTSE 100 up 0.3%, FTSE 250 flat

Aug 12 (Reuters) - London's FTSE 100 rose on Wednesday as investors counted on the central bank to further loosen monetary policy after data showed the economy entered a recession in the second quarter with a record 20% plunge in output.

The export-laden FTSE 100 .FTSE was up 0.3%, also helped by a weaker pound, while the mid-cap FTSE 250 .FTMC hovered at two-month highs.

The UK's GDP figures showed the sharpest contraction among the world's biggest economies, but there were signs of a recovery in June following the easing of coronavirus-driven lockdowns. day before the data was released, Bank of England Deputy Governor Dave Ramsden said the central bank would step up quantitative easing if the economy slowed again and that he was "confident" there would be no further quarters of negative growth. Admiral ADML.L jumped 5% to the top of the FTSE 100 after reinstating its special dividend and posting higher first-half profit.

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