Investor hopes over US-China trade relations

The FTSE 100 rose as investors grew bullish on the latest round of trade talks between the US and China, while the pound weakened following downbeat economic data.

London’s top index closed 57.93 points, or 0.82%, higher at 7,129.11, while Germany’s Dax grew 1.04% and France’s Cac increased 1.08%.

David Madden, market analyst at CMC Markets, said: “Equity markets are off the highs of the session but are still firmly in positive territory as dealers are optimistic about the latest round of US-China trade talks.

“Representatives from both sides are set to meet in Beijing this week, and investors are a little on the optimistic side.

“The talks that have taken place so far haven’t managed to bridge the divide, but traders are still hopeful, nonetheless,” he said.

Meanwhile the pound, which has been a barometer of Brexit since the 2016 referendum, weakened following sluggish economic data.

Sterling was down 0.66% against the dollar at 1.286 and flat versus the euro at 1.140 at the London market close.

Brent crude, the international benchmark, traded down 1.22% at $61.32 (£47.67).

The biggest risers on the FTSE 100 were TUI up 44.8p to 958.2p, Smurfit Kappa up 84p to 2,232p, Ocado up 35p to 939.4p, and Just Eat up 26.8p to 730.8p.

The biggest fallers on the FTSE 100 were Antofagasta down 31p to 840.4p, Smith & Nephew down 45.5p to 1,469.5p, Anglo American down 22.2p to 1,912.6p, and GlaxoSmithKline down 14.8p to 1,550p.