Futures on FTSE 100 (UK100) are rising almost 0.7% today, supported today by weaker than expected UK macro readings, especially from the labor market.
UK's employment in May dropped significantly by -109k vs -20k exp. and -33k previously, while unemployment change came in at 33.1k vs 4.5k exp. and 5.5k in April. As of now, UK100 is almost 20% higher versus the April lows. Average earnings rise 5.3% YoY vs 5.5% exp. (5.2% ex-Bonus vs 5.3% exp.).
Investors are increasing bets on Bank of England rate cuts this year, supporting sentiments around British equities. Rolls-Royce (RR.UK) supports the sentiments on British stock market. Company shares are up more than 2% today on a small nuclear reactors' construction (SMRs) and service contract with the UK. Rolls-Royce will be the first British company, which will try to build SMRs in the UK.
Source: xStation5
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