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LONDON (Alliance News) - Stocks in London opened higher Monday, with the focus on the US federal Reserve's two-day policy meeting concluding on Thursday as expectations for a US rate hike remain finely balanced.
In London, the FTSE 100 traded up 1.1% at 6,182.96, the FTSE 250 was up 0.6% at 17,065.84, and the AIM All-Share was up 0.1% at 734.86.
In Asia, the Shanghai Composite traded down 2.7%, the Hang Seng was up 0.3%, and the Nikkei in Tokyo closed down 1.6% after weak economic data from China.
Industrial production in China was up by 6.1% year-on-year in August, according to the country's National Bureau Of Statistics. This was marginally better than the 6.0% growth reported in July, but below expectations of 6.4%.
In addition, fixed-asset investment in non-rural areas of the country rose by 10.9% in the first eight months of the year, but this was also below expectations of 11.10% and slower than the 11.20% increase measured for the first seven months.
However, retail sales in China grew 10.8% year-on-year in August, beating the 10.5% consensus and July reading.
In Europe, the CAC 40 in Paris was up 0.4% and the DAX 30 in Frankfurt was up 0.3%.
On a quiet day for UK company news, RELX was one of the best performers in the FTSE 100, up 2.1% after an upgrade to Outperform from Underperform by Exane BNP. Fund managers Henderson Group, up 2.4% and Man Group, up 2.9% also benefited after Exane initiated them both at Outperform.
On AIM, Motive Television traded up 22% after it said it plans to make its TabletTV product available on Apple's recently announced new Apple TV platform. TabletTV allows users to watch and record free-over-the air television without a contract or subscription. Motive Television is a registered Apple developer.
HaiKe Chemical Group, down 23%, said its first half trading was in line with its expectations but said it has taken a hit so far in the second six months from the turbulence in the Chinese economy.
The specialty chemicals company, which is based in China's Shandong Province, said it expects to post a CNY95,000 profit for the first six months, compared to a CNY361,000 loss a year earlier, as revenue for the half to the end of June fell to CNY385.4 million from CNY460.0 million, mainly due to price reductions on key products.
But the company said it has seen continued pressure on its products since the end of June as a result of the deteriorating economic environment in China and ongoing fears about economic growth in the country slowing down. This has particularly hit both revenue and margins for its primary products, including dimethyl carbonate and isopropyl.
Active Energy Group said it has signed a joint venture with Biomass Energy Enhancements in Utah, US to commercialise a biomass fuel manufacturing process.
Active Energy, which makes wood fibre products for MDF manufacturing, said the joint venture company, AEG CoalSwitch, will be incorporated in the UK and will hold the intellectual property rights for the fuel manufacturing process. Active Energy will own 51% of the joint venture company. Active Energy traded up 9.1%.
In a quiet start to the week in the economic calendar, there is eurozone industrial production due at 1000 BST.
By Neil Thakrar; neilthakrar@alliancenews.com; @NeilThakrar1
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