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Monday, January 30, 2023
Stocks & Shares

FTSE 100, European stocks higher as China reopens economy

China reopens economy

The FTSE 100 rose 0.81% to 7,533 at the open, while the CAC in Paris climbed 0.17% to 6,562 points, while the DAX was flat at 13,995

The FTSE 100 and European stocks were off to a good start this Wednesday as top consumer China took additional measures to reopen the economy.

The FTSE 100 rose 0.81% to 7,533 at the open, while the CAC in Paris climbed 0.17% to 6,562 points. In Germany, the DAX was flat at 13,995.

The blue-chip index was pushed higher by mining heavyweights including Antofagasta, Glencore and Anglo American.

AstraZeneca was up after it said its immunotherapies Imfinzi and Imjudo have been approved in Japan for the treatment of three cancer types – advanced liver, biliary tract and lung.

Fresnillo was also higher after confirming that the final testing of the downstream power distribution and control systems at the Juanicipio project was complete.

UK markets have reopened higher, playing catch up after the FTSE 100 which was closed for a public holiday on Tuesday, said market analyst Victoria Scholar at Interactive Investor.

The UK index could end the year in positive territory despite the broad pressures on global equity markets, weighed down by rising interest rates, inflation, and the threat of recession, she said.

Asia-focused banks such as Prudential and Standard Chartered were also among the gainers.

Investors are enthusiastic about China re-opening its economy, said AvaTrade chief market analyst Naeem Aslam.

However, there are plenty of reports which suggest that Covid cases are on the rise in China, which really threatens the supply chain, he said.

Meanwhile, Brent crude is down to around $83/barrel on concerns that rising COVID cases in China, the world’s top oil importer, will disrupt its economic recovery as it unwinds its pandemic restrictions, limiting fuel demand growth.

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