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China data, softer pound buoy FTSE; Ted Baker slips

China data, softer pound buoy FTSE; Ted Baker slips
FILE PHOTO: Traders look at financial information on computer screens on the IG Index trading floor in London, Britain February 6, 2018. REUTERS/Simon Dawson   -   Copyright  SIMON DAWSON(Reuters)
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(Reuters) – London’s FTSE 100 rebounded on Monday after a near 1% drop in the previous session, with heavyweight components boosted by upbeat Chinese manufacturing activity and a weaker pound, while Ted Baker slid on overstated inventory.

The FTSE 100 <.FTSE> advanced 0.5%, driven by gains in miners <.FTNMX1770> and oil majors Shell <RDSa.L> and BP <BP.L>.

The gains owed much to surveys of China’s factory activity, which beat forecasts with one showing the quickest pace of expansion in almost three years in November.

The pound softened after polls showed the Conservative Party’s lead over the opposition Labour Party had narrowed further, stoking exporters such as BAT <BATS.L> to trade higher and leaving the mid-cap FTSE 250 <.FTMC> with modest gains of 0.2%.

Ted Baker <TED.L> slipped 10% to its lowest level since March 2009 after the fashion retailer said it may have overstated inventory by as much as 25 million pounds ($32.08 million).

(Reporting by Shashwat Awasthi in Bengaluru, Editing by Sherry Jacob-Phillips)

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