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FTSE 100 makes progress but some companies held back on China concerns

The FTSE 100 added 0.54% on Thursday morning, bringing the index to 7,054.

“The FTSE 100 started on the front foot on Thursday as investors faced competing catalysts from East and West,” says AJ Bell investment director Russ Mould.

“Some decent corporate news and an upbeat report from the US manufacturing sector outweighed continuing worries about China which dragged down mining stocks and other firms with links to the Chinese economy including luxury brand Burberry.”

“Construction equipment hire business Ashtead topped the FTSE 100 leaderboard as it lifted full year expectations – the group is widely seen as a beneficiary of the anticipated infrastructure spending splurge in the US.”

The Chinese economy was dealt a blow in August due to strict measures on the coronavirus, which is raising concerns over the prospects of a global economic recovery.

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Reports coming from America suggest that President Biden has been undertaking meetings to discuss putting forward domestic spending legislation.

FTSE 100 Top Movers

Rolls-Royce (3.93%), IAG (3.49%) and Flutter Entertainment (3.08%) are leading the way atop the FTSE 100 at the time of writing.

Burberry (-2.01%), Rio Tinto (-1.76%) and Anglo American (-1.37%) are trailing the pack thanks to concerns over the Chinese economy.

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