Antofag.5%pr Share News (70GD)

LONDON (Alliance News) - Stocks in London were clawing back steep losses at midday on Friday, with miners driving gains in the FTSE 100, as the global sell off which has plagued financial markets across the globe this week showed signs of letting up. In addition, investor sentiment was also buoyed by the prospect of a meeting between US President Donald Trump and Chinese President Xi Jinping at the G20 summit in November as well as the buzz the US might not name China a currency manipulator.A meeting between Trump and Xi is "under discussion," top economic adviser Larry Kudlow told reporters at the White House.The FTSE 100 index was up 0.6%, or 43.59 points at 7,050.52. The FTSE 250 was up 1.2%, or 217.14 points, at 19,044.89, and the AIM All-Share was up 2.0%, or 19.59 points, at 988.43.The Cboe UK 100 was up 0.7% at 11,972.16, the Cboe UK 250 was up 1.0% at 17,266.23, and the Cboe UK Small Companies was up 0.2% at 11,669.83.In Paris the CAC 40 was up 0.5%, while the DAX 30 in Frankfurt was up 0.6% at midday. "There are some green shoots of recovery seen around European markets this morning, but these gains are still in the very early stages as investors appear to be tentatively stepping back in to buy. This rebound remains fragile in nature and the underlying causes of the selling remain in place," said XTB chief market analyst David Cheetham.On the London Stock Exchange, heavyweight mining stocks were among the blue chip risers after data showed China's exports logged double-digit growth in September to beat forecasts despite escalating trade tensions with the US.Antofagasta was up 4.5%, Anglo American up 3.6%, Glencore up 2.6%, and Rio Tinto up 2.6%.China's exports, in US dollars, soared 15% in September compared to the same period last year, reaching USD226.7 billion. Meanwhile, imports jumped 14% year-on-year to USD195 billion."Chinese trade data which showed better-than-expected growth in Chinese exports has, at least temporarily, helped ease investor concerns about the damage to China's economy from US tariffs and other trade friction," said Oanda analyst Dean Popplewell.China's strong domestic demand continues to drive foreign trade, despite its souring relationship with the US. Companies are also believed to be rushing to fill orders before the situation further deteriorates.Trump last month imposed tariffs on USD200 billion worth of Chinese goods, after imposing duties on USD50 billion worth of imports earlier this year. China has retaliated with its own duties on US imports including soybeans, cars, and aircraft.In addition, gold miners continued to flourish, tracking spot gold prices higher, quoted at USD1,220.55, up from USD1,215.80 at the London equities close Thursday. The precious metal had been down at USD1,188.56 an ounce at the London close on Wednesday.Randgold Resources was up 3.7%, Fresnillo up 3.5%, and midcap peer Centamin was up 5.2%. Deemed a safe-haven asset, gold often rises during times of market turmoil. The precious metal has risen 1.5% over the past week as the sell off engulfed stock markets across the globe amid uncertainty about global growth and repercussions of the US Federal Reserve's interest rate policy. Elsewhere, Royal Bank of Scotland reached a milestone as the state-backed lender made its first dividend payment since the financial crash - and subsequent bailout by the UK government - of 2.0 pence per share.The bank said 190,000 shareholders, including the UK government, will receive a total of about GBP240 million. RBS shares were up 2.1% on Friday. At the other end of the large cap index, tobacco stocks were among a handful of worst performers, with Imperial Brands down 4.6% and British American Tobacco down 2.0%.Tobacco stocks fell following a global tobacco control treaty, which included a hard line decision that new "vaping" products should face the same restrictions as cigarettes. According to JapanToday, a meeting of state parties to the UN health agency's Framework Convention on Tobacco Control concluded last week with a number of anti-industry rulings, including increased efforts to curb industry influence and a call to crack down on new products.Meanwhile, embattled Patisserie Holdings reported the arrest of its suspended Finance Director Chris Marsh, who was subsequently released on bail. Marsh was suspended from his role after the cafe chain discovered "significant and potentially fraudulent" accounting irregularities. The company, however, did not accuse Marsh of any wrongdoing. The company, which owns the Patisserie Valerie brand, in a statement on Wednesday said the irregularities "may lead to a material change in its overall financial position". It also revealed a winding up petition for its principal trading unit Stonebeach for GBP1.1 million owed to the UK tax department. Compounding the company's woes, the UK Serious Fraud Office said Friday it has opened a criminal investigation into an unnamed Patisserie executive. The pound was up against the dollar quoted at USD1.3212 at midday, compared to USD1.3192 at the London equities close Thursday, amid Brexit deal optimism.The UK will get a Brexit "deal dividend" if it is able to agree good terms with Brussels to leave the EU, UK Chancellor of the Exchequer Philip Hammond said.The chancellor made the claim as he told the BBC the last 10 days had seen "a measurable change in pace" in Brexit negotiations, although many challenges remain ahead of a prospective deal.Hammond, speaking to reporters at the International Monetary Fund's annual meeting in Bali, told the Financial Times: "If we are successful in negotiating that package, there will be an upside dividend in terms of the economy and, consequently, the fiscal numbers."The euro was firm against the greenback at USD1.1579 at midday, against USD1.1554 late Thursday. In economic news from the continent, eurozone industrial production grew more-than-expected in August, data from Eurostat revealed. Industrial production climbed 1% on a monthly basis, reversing 0.7% drop each in June and July. Output was expected to rise moderately by 0.4%. The increase was driven by a 3.1% rise in non-durable consumer goods output and 1.3% increase in capital goods. Meanwhile, intermediate goods output fell 0.4% and energy production was down 0.3%. Durable consumer goods output decreased 1.1%. On a yearly basis, industrial production growth advanced to 0.9% from 0.3% in July. Economists had forecast output to drop 0.3%.Stocks in New York were set for a higher open on Friday as earnings season stateside begins in earnest. The DJIA was called up 0.7%, the S&P 500 index up 0.8%, and the Nasdaq Composite up 1.4%.Banking giants Citigroup, JPMorgan Chase, PNC Financial, and Wells Fargo will report third quarter earnings before markets open in New York. Over the past year banks have benefited from a strengthening US economy, as well as the US Tax Cuts and Jobs Act signed by Trump in December. Under the act, the US corporate income tax rate was cut to 21% from 35%."Expectations are high and a solid set of results are much needed given the lofty valuations and recent market turbulence. Another factor which could come back into play for US stocks in the coming weeks is stock buybacks, as they are currently blocked with firms in a blackout window prior to posting the latest results," Cheetham added.