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FTSE 100 rebounds despite weak data from China FTSE 100 rebounds despite weak data from China
(about 4 hours later)
(Noon): UK shares rose, recovering some of the ground lost on Tuesday, despite further signs of weakness in China's manufacturing sector. (Close): UK shares closed higher, recovering some ground lost on Tuesday, despite further signs of weakness in China's manufacturing sector.
Shortly after midday the FTSE 100 was up 84.57 points at 6,020.41. The FTSE 100 closed up 1.62% at 6,032.24 points.
The index had fallen 2.8% in the previous session after commodity-related shares were hit by worries over the prospects for global growth. The index had fallen 2.8% in the previous session after commodity-related shares were hit by worries over global growth prospects.
However, investors shrugged off another survey suggesting China's manufacturing sector was continuing to contract.However, investors shrugged off another survey suggesting China's manufacturing sector was continuing to contract.
A similar survey for the eurozone indicated that activity among businesses in the bloc continued to expand this month, although at a slower rate than in August.A similar survey for the eurozone indicated that activity among businesses in the bloc continued to expand this month, although at a slower rate than in August.
The preliminary reading of the Markit purchasing managers' index (PMI) for the eurozone was 53.9 in September, down from 54.3 last month. A reading above 50 indicates expansion.The preliminary reading of the Markit purchasing managers' index (PMI) for the eurozone was 53.9 in September, down from 54.3 last month. A reading above 50 indicates expansion.
British Airways owner IAG topped the FTSE 100 risers board, climbing 4.7% to 563.50p after Morgan Stanley raised its price target for the stock. The news lifted shares in Easyjet, which climbed 2.8%. British Airways owner IAG topped the FTSE 100 risers board, closing up 4.7% to 594p after Morgan Stanley raised its price target for the stock. The news lifted shares in Easyjet, which ended the day 3.4% higher.
Energy stocks were bolstered as the price of oil steadied. Shares in BP were up nearly 2%. Energy stocks were bolstered as the price of oil steadied. Shares in BP ended the day up 1.3%.
Shares in Smiths Group rose 2% after the company reported full-year results and said Andrew Reynolds Smith would take over as chief executive from Friday. Shares in Smiths Group ended up almost 1% after the company reported full-year results and said Andrew Reynolds Smith would take over as chief executive from Friday.
In the 12 months to 31 July, revenues at the engineering group dropped 2% to £2.89bn, but pre-tax profits rose 3% to £459m.In the 12 months to 31 July, revenues at the engineering group dropped 2% to £2.89bn, but pre-tax profits rose 3% to £459m.
Drinks giant Diageo climbed 1.2%. The company said that recent currency fluctuations would cut operating profits by about £150m, but added that the financial year had begun well and "performance is in line with our expectations". Drinks giant Diageo closed higher by 0.96%. The company said that recent currency fluctuations would cut operating profits by about £150m, but added that the financial year had begun well and "performance is in line with our expectations".
United Utilities shares rose 2% after the water firm's latest trading update. The company said its profits would be hit by about £25m after it had to pay compensation to about 300,000 households in Lancashire following the discovery of a parasitic bug in water supplies. United Utilities shares closed the day 1.48% higher, after the water firm's latest trading update. The company said its profits would be hit by about £25m after it had to pay compensation to about 300,000 households in Lancashire following the discovery of a parasitic bug in water supplies.
On the currency markets, the pound fell 0.4% against the dollar to $1.5308, and dropped 0.75% against the euro to €1.3703. On the currency markets, the pound fell 0.81% against the dollar to $1.5242, and dropped 1.09% against the euro to €1.3657.