London stocks gain ahead of spending review, US data
June 11 (Reuters) - London's FTSE 100 edged up towards an all-time high on Wednesday, as investors awaited a domestic public spending review and crucial U.S. inflation data scheduled in the day.
The benchmark FTSE 100 (.FTSE), opens new tab was up 0.1%, coming close to an intraday record high. The mid-cap FTSE 250 (.FTMC), opens new tab was up 0.4% as of 0913 GMT.
All eyes on the day were on Finance Minister Rachel Reeves' speech, where she will divide up more than 2 trillion pounds ($2.7 trillion) of public spending aimed at stimulating the British economy.
Homebuilders and household goods stocks (.FTNMX402020), opens new tab gained 2.8% to hit a more than seven month-high, with Vistry (VTYV.L), opens new tab up 9%, Crest Nicholson (CRST.L), opens new tab gaining 5.5% and Bellway (BWY.L), opens new tab advancing 3% ahead of the speech.
Most sectors were higher in the market, though heavyweight energy shares (.FTNMX601010), opens new tab weighed down 0.6%.
Investors also awaited a key U.S. inflation reading for any signs that President Donald Trump's erratic tariff policies had started to show their impact on the economy.
Representatives from the U.S. and China late on Tuesday agreed on a framework to put their trade truce back on track and remove some export restrictions from both sides. The agreement, however, is pending approval from the countries' leaders.
Any signs of the deal coming into effect will be taken in stride by markets that have been grappling with the uncertainty created by an ever-changing U.S. trade policy and its impact on global economic growth.
Ibstock sank 12.8% to the bottom of the FTSE 250, after warning of a hit to its adjusted EBITDA outlook for 2025.
Ricardo shares jumped 25% to their highest level since early January after Canada-based WSP Global (WSP.TO), opens new tab said it would acquire British environmental and engineering consulting firm for about 363.1 million pounds ($489.6 million) including debt.
Quilter (QLT.L), opens new tab gained 5.6%, among the toppers on the FTSE 100, after UBS upgraded the wealth manager's stock to "buy" from "neutral".
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I wonder what other ways they will find to tax us? Maybe spending money on poorly connected urban sprawl to maybe help a few, when the country needs a new city full of six-storey buildings. The policies are so misguided." Hfchbffch said: "What happened to the 22 billion black hole? Looks like it's gone bigger. Where is all the cash coming from? I don't see any country given money to the UK for all the problems it has got. It looks like the UK working people will foot another bill." 72Momma added: "Where is all the money coming from? Have they actually got rid of the 'black hole' or are they just remortgaging the country? To be able to spend over £102bn ... who is she borrowing from?" Joeyd: "Margaret Thatcher's Reagonomics caused the global economic crash. She sold off Britain to foreign countries for a pittance, wrecked mining, shipbuilding and steel towns across Britain, sold off council housing and put all our money into banking. When the banks collapsed, the country collapsed with them. The Conservative Government introduced 14 years of failed austerity making the rich even richer, and the poorest even poorer. Someone has to reverse decades of neglect, we'll have to wait and see if they carry through with the infrastructure plans she's promising." Seccmjfl01: "It might not be perfect but at least she's trying and making an effort. Things take time and she needed some stability. Good luck to her." Wolveslegends: "The Chancellor promises so much with no money to pay for it. Come the Autumn she will gain the funds from guess where from? All of us will donate to her cause if we like it or not including the disabled and those too old to work. Welcome to New Labour." Reeves is pledging an extra £29 billion a year for the NHS – a real-terms boost of around 3% annually. And on housing, she laid out a massive £39 billion package to build hundreds of thousands of affordable homes over the next decade. 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