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FTSE 100 passes 5,700 barrier

Stockmarket 480

The FTSE 100 has passed the 5,700 barrier on the back of solid earnings and renewed hope of initiatives from central banks in Europe and the US.

At close, the blue chip index was up 1.4 per cent to stand at 5712.82. Strong earnings signals from Standard Chartered bank and clothing retailer Next saw them both make gains of 3.6 and 6.5 per cent, respectively.

There were mixed fortunes for European markets with the French Cac 40 up 0.9 per cent, however the German Dax was down 0.3 per cent at close. The FTSE Eurofirst 300 was up 0.3 per cent.

The FTSE 100 fell over 1 per cent on Tuesday amid further concerns from European policymakers on how to tackle the sovereign debt crisis.

The rise in the blue chip index comes despite the latest batch of concerning figures from the purchasing managers’ index which revealed China had the slowest growth in manufacturing in eight months while eurozone figures for the same sector were at a 37-month low.

Markets in the US were also mixed ahead of Federal Reserve rate decision this evening, at 17.05 the Dow Jones was up 0.3 per cent, however the Nasdaq has recorded a fall of 0.2 per cent.

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