FTSE jumps on Sino-US trade deal hopes; nationalisation risk hits BT

A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, October 1, 2008. — Reuters pic
A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, October 1, 2008. — Reuters pic

LONDON, Nov 15 — London’s FTSE 100 followed global peers higher today as hopes of an imminent US-China trade deal were rekindled by comments from a senior US official, while BT slipped after Britain’s opposition party vowed to nationalise parts of the telecoms provider.

The main index rose 0.5 per cent, boosted by miners as well as Asia-focused banks HSBC and Prudential, after White House economic adviser Larry Kudlow said Washington was getting close to a trade pact with Beijing.

Shares of BT shed two per cent, after Labour leader Jeremy Corbyn said his party would nationalise parts of the company’s network if it won power in the December 12 election.

The mid-cap index added 0.2 per cent in early deals. — Reuters

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