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Trade hopes buoy FTSE; Mothercare dives 38%

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By Reuters
Trade hopes buoy FTSE; Mothercare dives 38%
Traders are seen at work at Northern Trust offices in London, Britain August 1, 2019. REUTERS/Toby Melville/Files   -   Copyright  TOBY MELVILLE(Reuters)

(Reuters) – London’s FTSE 100 joined a global stocks rally on Monday driven by rising hopes of a U.S.-China trade deal, while baby products retailer Mothercare sank to a record low after appointing administrators for its UK operations.

The FTSE 100 <.FTSE> added 0.4% as Asia-focussed banks HSBC <HSBA.L> and Standard Chartered <STAN.L> as well as miners including Rio Tinto <RIO.L> firmed after Washington and Beijing signalled they had made progress in trade talks.

The mid-cap FTSE 250 <.FTMC> also advanced 0.4%.

Struggling retailer Mothercare <MTC.L>, which has shut a third of its British stores in the past year due to intense competition from supermarkets and online retailers, sank 38%.

(Reporting by Shashwat Awasthi in Bengaluru; editing by Patrick Graham)