FTSE 100 rises to near record highs; CMC markets fall by Reuters

(Reuters) – British shares rose on Thursday, closing just short of a new record high as investors sought clarity on US President Donald Trump’s trade policies, while shares in trading firms CMC Markets (LON:) and IG Group fell after the results.

The main index gained 0.2% to 8,565 points, after touching its highest level ever at 8,584 points on Wednesday. The average FTSE 250 index fell 0.2%.

Stock investors were relieved this week as Trump held back from imposing hefty tariffs on his first day in office and announced major investments in artificial intelligence infrastructure, sparking a rally in global technology stocks.

The focus now is on economic data, corporate earnings and Trump’s comments later in the day.

In earnings-driven moves, CMC Markets stock fell 16.7% after the trading platform’s subdued outlook fell short of rising investor expectations following upbeat forecasts from industry peers.

Peer IG Group shares fell 6.4% despite the online trading platform reporting a 30% rise in first-half profits.

Inchcape (OTC:) stock fell 13.3% after JPMorgan downgraded the auto distributor to “neutral” from “overweight.”

FTSE 100-listed Associated British Foods (OTC:) fell about 3% after it reported weak trading in its main UK market in the Christmas quarter and cut its annual sales forecast for budget fashion retailer Primark.

Meanwhile, investors are anticipating a series of monetary policy decisions including the Federal Reserve and the European Central Bank next week and the Bank of England in early February.

Data last week showed that British inflation slowed unexpectedly last month and that key measures of price growth – tracked by the Bank of England – fell more sharply, boosting bets on an interest rate cut next month.

Traders are putting an 82% chance of the first quarter-point cut on February 6, and have priced in rate cuts at least twice this year.

An industrial survey on Thursday showed a sharp decline in British factory activity, declining only slightly in January, and optimism among manufacturers fell to its lowest levels in more than two years.

British Finance Minister Rachel Reeves told Reuters she would announce changes if necessary in March to meet the government’s financial rules.

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(This story has been repackaged to fix table formatting)