UK equities moved higher on Wednesday as investors avoided major bets ahead of US inflation data. At the same time, aerospace firm Melrose soared to its highest in almost three years after predicting revenues in line with forecasts.
After the car spin-off, Melrose Industries Plc (MRON.L) said it would remain a pure-play aerospace firm, pushing its shares 5.8% higher.
Rate-sensitive banks (.FTNMX301010) gained 0.5% as the FTSE 100 (.FTSE) advanced 0.1%.
Investors await April consumer inflation data from the world’s largest economy at 1230 GMT, which might affect Federal Reserve rate-cut predictions.
By 0719 GMT, the mid-cap FTSE 250 (.FTMC) gained 0.1%, with ASOS Plc (ASOS.L) among the top losers. The retailer’s shares fell 7% after a first-half loss due to tighter household budgets and higher product returns.
