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FTSE 100 up on global rate cut hopes, weak data hits supermarkets

FTSE 100 up on global rate cut hopes, weak data hits supermarkets
FILE PHOTO: Traders looks at financial information on computer screens on the IG Index trading floor in London, Britain February 6, 2018. REUTERS/Simon Dawson -
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SIMON DAWSON(Reuters)
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(Reuters) – London’s FTSE 100 rose on Tuesday, tracking global stock markets, as investors opted for risky assets on bets that major central banks would cut interest rates soon, though shares of supermarket chains fell after weak industry data.

All but one sector was in the black in early deals on Britain’s main stock index <.FTSE>, which rose 0.6%. The domestically-focussed FTSE 250 <.FTMC> added 0.4% by 0708 GMT.

Firms that book a major chunk of revenue in U.S. dollars also boosted the FTSE 100 as the pound fell on lingering worries of a no-deal Brexit, with eurosceptic Boris Johnson widely tipped to win the Conservative Party leadership and become the next Prime Minister.

Tesco <TSCO.L>, Saisnbury’s <SBRY.L> and Morrisons <MRW.L> were down between 1.1% and 2.3% after data from market researcher Kantar showed sales at all of Britain’s big four supermarket groups slowed over the latest 12 week period.

(Reporting by Shashwat Awasthi in Bengaluru; Editing by Shounak Dasgupta)

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