Waning fears over U.S. inflation push FTSE 100 to fourth weekly rise
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By Sruthi Shankar
Aug 12 (Reuters) - Britain's top share index logged its fourth consecutive week of gains on Friday, as global sentiment got a boost from signs of waning U.S. inflation even as domestic data showed Britain's economy contracted in the second quarter.
The blue-chip FTSE 100 ended 0.5% higher at a two-month high. The index has outperformed its global peers this year, aided by weakness in sterling and its large exposure to energy and Online Betting defensive companies.
Sterling slid against a firming dollar as data showed Britain's economy contracted by 0.1% in the June quarter, compared with forecasts for a 0.3% drop.
However, the data still pointed to growing weakness among consumer-facing sectors of the economy, such as retail and Online Betting restaurants, that are most exposed to a worsening cost-of-living crisis.
"The fall in UK GDP during the second quarter was largely down to noise," James Smith, Online Betting economist at ING, wrote in a note.
Aug 12 (Reuters) - Britain's top share index logged its fourth consecutive week of gains on Friday, as global sentiment got a boost from signs of waning U.S. inflation even as domestic data showed Britain's economy contracted in the second quarter.
The blue-chip FTSE 100 ended 0.5% higher at a two-month high. The index has outperformed its global peers this year, aided by weakness in sterling and its large exposure to energy and Online Betting defensive companies.
Sterling slid against a firming dollar as data showed Britain's economy contracted by 0.1% in the June quarter, compared with forecasts for a 0.3% drop.
However, the data still pointed to growing weakness among consumer-facing sectors of the economy, such as retail and Online Betting restaurants, that are most exposed to a worsening cost-of-living crisis.
"The fall in UK GDP during the second quarter was largely down to noise," James Smith, Online Betting economist at ING, wrote in a note.
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