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May 27 (Reuters) – UK shares inched higher on Friday, on course for their best weekly showing since mid-March, as strong metal prices boosted miners, while investors dialled back bets of aggressive U.S. interest rate hikes.
The blue-chip FTSE 100 .FTSE rose 0.1% in early deals and the domestically oriented FTSE midcap index .FTMC climbed 0.2%.
Asian shares extended overnight global gains as investors took comfort from Federal Reserve minutes suggesting it could pause its rapid rate hikes later this year. MKTS/GLOB
UK-listed global miners such as Glencore GLEN.L, Rio Tinto RIO.L and Antofagasta ANTO.L rose about 1% each as copper and iron ore prices were boosted by a weaker dollar. IRONORE/ MET/L
Retailers such as Marks & Spencer MKS.L and Next NXT.L led the charge in UK equity markets on Thursday, after a new 15 billion pound ($19 billion) package of support for households struggling to meet soaring energy bills spurred hopes of more spending. nL2N2XI10K
Food delivery company Deliveroo ROO.L slipped almost 4% after JPMorgan downgraded the stock to “neutral”.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Subhranshu Sahu)
((sruthi.shankar@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2787;))
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