The FTSE 100 pushed atop 7,000 for the first time in more than a year as heavily weighted mining stocks climbed after Chinese growth data confirmed the global economy is continuing to recover. The FTSE (UK:UKX) was set to finish the week on a strong note, up 0.5% to 7,019.94. “Investor confidence in economic recovery is rising as governments roll out stimulus packages and business confidence surveys are hitting highs,” said Steve Clayton, Hargreaves Lansdown fund manager, in a note to clients.
Global stocks hit a record high on Friday and oil climbed after strong U.S. and Chinese economic data bolstered expectations of a solid global recovery from the coronavirus-induced slump. Government stimulus, a string of strong corporate earnings releases and signs of economic recovery in countries ahead in the COVID-19 vaccination race have all helped push stock markets onto new heights in recent days. "As the economic re-opening accelerates in the coming months, we believe the bull market remains on a solid footing," said Mark Haefele, chief investment officer, UBS Global Wealth Management.
European stocks ended at a record high on Friday, marking its seventh straight week of gains, after strong U.S. and China economic data spurred optimism about a speedy global recovery, while upbeat results from Germany's Daimler boosted carmakers. The pan-European STOXX 600 index rose 0.8%. Global stock markets scaled record highs after data showed China's economic recovery quickened sharply in the first quarter and U.S. retail sales rose by the most in 10 months in March.