A surprise drop in the UKs GDP figures, which showed Britain with two consecutive quarters of contraction, initially wiped almost 10 points off the FTSE 100 index.It later bounced back.
Technically we are in recession and that will get a lot of headlines, but fundamentally the UK is stronger than that, and if you look at some of the trends in more regular data like retail sales they are actually quite decent, said Daniel McCormack, strategist at Macquarie Securities Ltd.
I think the economy is stronger than the GDP figures suggest and the trajectory is up going forward.
The blue-chip index held firm, gaining steadily for a second consecutive session this week with a 0.2 percent rise by 1125 GMT, gaining 11.9 points to 5,721.57.
Traders said London-listed shares were underpinned by strong results from Apple, the worlds most valuable technology company, after the firm said on Tuesday its second-quarter profit almost doubled after a jump in iPhone sales, soothing fears the device was past its best days for sharp growth. Wednesdays rise on the FTSE 100 index was the second consecutive gain since Mondays near 2 percent slide as a Europe-wide selloff was prompted by political uncertainty in France and the resignation of the Dutch prime minister.
It was a shaky rally yesterday with low volumes, but whether the underlying problems seen earlier in the week are fixed is another matter, the Dutch dont have a government while the Spanish and the Italians are on the brink and we have a French election to deal with, said Chris Beauchamp, market analyst at IG Index.
The leading index is holding its ground today as it is a more international focused index, the FTSE 250 was hit slightly more, but I think the Apple results last night added much confidence and results of the Fed meeting later in the day means stock markets are waiting to see what happens. APP
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