U.K. stocks rose for a second day after a report on American consumer confidence and leading economic indicators rose more than forecast.
Barclays Plc (BARC) advanced 3.4 percent, following European lenders higher, amid continued speculation that the governments of the euro area will soon agree to disburse the first tranche of a 100 billion-euro ($123 billion) bailout to Spain’s most debt-stricken banks.
The FTSE 100 Index (UKX) climbed 10.66 points, or 0.2 percent, to 5,845.17 at 3:16 p.m. in London. The equity benchmark is headed for a weekly decline of less than 0.1 percent. The broader FTSE All-Share Index added 0.3 percent today, while Ireland’s ISEQ Index rose 0.6 percent.
“Investors seem content to think that the European Central Bank is readying something fairly impressive with a view to using it sometime in September,” said Will Hedden, a sales trader at IG Index in London. “This narrative has swept all before it so far in August, helped along by the perception that the Federal Reserve is also tiptoeing closer to more stimulus.”
The Thomson Reuters/University of Michigan preliminary August index of consumer sentimentincreased to 73.6, the highest level since May, from 72.3 in July. The median forecast of 72 economists surveyed by Bloomberg had called for a reading of 72.2. A separate release showed that a measure of leading economic indicators gained 0.4 percent in July. Economists had projected the gauge would rise 0.2 percent, according to the median estimate in a Bloomberg survey.
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