FTSE 100 Modestly Higher On Positive Global Cues

(RTTNews) - U.K. stocks are modestly higher on Monday, with weak healthcare and defence stocks offsetting positive news about U.S-China trade progress, and a firm display by stocks from banking sectors.

Investors are also looking ahead to some crucial UK economic data this week, including reports on first-quarter GDP, industrial output, unemployment, and trade balance.

Following negotiations in Switzerland over the weekend, the U.S. and China struck a deal to suspend tariffs for 90 days and slash rates going forward.

As per the announcement by the two countries, the U.S. tariffs on Chinese goods will fall to 30% from 145% while Chinese duties on U.S. imports will fall to 10% from 125%.

The benchmark FTSE 100 was up 44.10 points or 0.52% at 8,598.90 a little while ago.

Antofagsta, Anglo American Plc., Standard Chartered, Glencore, Ashtead, Intermediate Capital Group, IAG and Spirax-Sarco Engineering are gaining 5 to 7%.

Rio Tinto, Scottish Mortgage, Intercontinental Hotels, Entain, F&C Investment Trust, Barclays Group, HSBC Holdings, Prudential, Pershing Square Holdings, BP, Mondi, Informa, WPP , Interteck, Schroders, IMI and Croda International are up 3 to 4.7%.

Fresnillo, Endeavour Mining, National Grid, United Utilities, AstraZeneca, Marks & Spencer, Hikma Pharmaceuticals, Imperial Brands, GSK, Next and Relx are down 2 to 4.3%.

On the economic front, U.K. recruitment activity remained weak at the start of the second quarter as demand for staff deteriorated amid the rise in the salary inflation due to the increases in the national minimum and living wage rates, a report compiled by S&P Global showed.

Permanent staff appointments declined further amid reports of weak employer confidence and tighter hiring budgets, the KPMG/REC Report on Jobs survey revealed. However, the pace of reduction was the softest since September. Likewise, temp billings decreased at the slowest pace in four months.