British shares rally as US-China trade tensions ease

Oil majors Shell and BP advanced as crude prices surged after top producers Saudi Arabia, Russia and Iraq backed a plan to extend supply cuts for another six to nine months. — Reuters pic
Oil majors Shell and BP advanced as crude prices surged after top producers Saudi Arabia, Russia and Iraq backed a plan to extend supply cuts for another six to nine months. — Reuters pic

LONDON, July 1 — UK stocks made a solid start to the new quarter today, as fears of an escalation in US-China trade dispute eased after the two sides made some concessions and decided to resume talks, spurring a rally in global stocks.

The FTSE 100 surged 1.1 per cent to a more than two-month high by 0702 GMT and the FTSE 250 added 1per cent.

All sectors on both indexes were trading higher in early dealings.

Investors piled into equities, especially that of banks with a heavy presence in Asia such as HSBC and Prudential . Shares of miners, sensitive to news surrounding top metals consumer China, also boosted the main index.

Oil majors Shell and BP advanced as crude prices surged after top producers Saudi Arabia, Russia and Iraq backed a plan to extend supply cuts for another six to nine months. — AFP

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