FTSE 100 Rallies On Earnings

(RTTNews) - U.K. stocks rallied on Wednesday to build on the previous session's gains, as strong earnings reports helped investors shrug off signs of further loss of momentum in the world's second-largest economy.

The benchmark FTSE 100 was up 109 points or 1.56 percent at 7,145 in opening deals after rising 0.1 percent in the previous session.

Standard Chartered soared 4.4 percent. After posting better-than-expected third-quarter profit, the bank has warned about the impact of the U.S.-China trade war on business sentiment in its core emerging markets.

Packaging company Smurfit Kappa Group rallied 3.4 percent as it reported 27 percent growth in pre-exceptional EBITDA growth for the 9 months ending 30 September.

Bookmaker William Hill jumped 8 percent after it announced recommended public cash offer to buy Swedish gaming company Mr Green & Co AB.

In economic news, U.K. shop prices declined in October following two months of mild inflation, data from the British Retail Consortium showed. The BRC - Nielsen shop price index decreased 0.2 percent year-on-year versus a 0.2 percent rise in September.

Separately, U.K. consumer confidence weakened as expected in October, market research firm GfK said. The consumer sentiment index dropped to -10 from -9 in September as consumers were more concerned about economic situation over the coming twelve months. The reading came in line with expectations.
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