London's FTSE 100 is within sight of a new all-time high this morning as investors bet interest rates will come down following recent benign macroeconomic data.
In early trades, London’s blue-chip index rose 71 to 8,463, with all but six of the 100 constituents in the green. Currently, the index is just shy of the previous intraday high of 8,474 but is above the record closing level of 8,445.
Miners were strong again as China’s economy hit its 5% growth target as activity picked up in the final three months.
News that Rio Tinto and Glencore had sounded out each other about a merger added to the mix as analysts said, while the talks came to nothing, it confirmed M&A is still uppermost in the minds of mining chiefs. Glencore shares rose 1.9% and Rio by 1.3%.
Elsewhere, sales across Britain's retail industry unexpectedly fell in December as shops faced a tough Christmas.
According to the Office for National Statistics, retail sales declined by 0.3% over the key Christmas month.
Finally, DFS Furniture's interim profits rose but the retailer cautioned on wider pressure ahead following the tax hikes in October’s Budget.
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