‘Boring is the new sexy’ as UK's stock index closes above 8,000 for the first time
Publishing timestamp: 2023-02-17 04:43:31
Summary
Despite the UK facing the weakest economic growth outlook among all major economies, the FTSE 100 index hit record highs this week. Analysts suggest that the demand for UK stocks is due to the abundance of exposure to energy, commodities, consumer staples, and healthcare companies. Despite the UK's economic outlook, the FTSE 100 is up 7.5% so far in 2023. However, some analysts are skeptical of the market due to the UK's withdrawal of energy bill support and the lifting of the household energy price cap. Corporate earnings have been supported by Covid-19-induced pent-up demand, but this may erode as the pent-up demand has largely been exhausted.
Sentiment: MIXED
Keywords: markets, london, ftse 100, economy, u.s. economy, economic events, gbp/usd, investment strategy, stoxx 600, business news,
Source: https://www.cnbc.com/2023/02/17/uk-stock-index-ftse-100-closes-above-8000-for-the-first-time.html