Paddy Power Betfair Share News (PPB)

LONDON (Alliance News) - Stocks in London opened higher on Friday, with the FTSE 100 rebounding from six-month lows, following a sell off in global equities which has dominated the week's trading.The FTSE 100 index was up 0.4%, or 26.59 points, at 7,033.52 at the open Friday. London's flagship stock index fell to an intraday low of 6,998.02 in late trade on Thursday, the first time the index slipped below the 7,000 mark since April, as a sell-off engulfed stock markets around the globe. The mid-cap FTSE 250 index was up 1.2%, or 227.27 points at 19,055.02. The AIM All-Share index was up 1.5% at 983.47.The Cboe UK 100 was up 0.5% at 11,944.16, the Cboe UK 250 was up 0.5% at 17,183.23, and the Cboe UK Small Companies was flat at 11,642.83.In mainland Europe, the CAC 40 in Paris was up 1.1% while the DAX 30 in Frankfurt was up 1.3%.On the London Stock Exchange, gold miners Randgold Resources and Fresnillo were up 2.6% and 2.2%, respectively, tracking spot gold prices higher.The precious metal was quoted at USD1,219.33 an ounce, up from USD1,215.80 at the London equities close Thursday. Deemed a safe-haven asset, gold often rises during times of market turmoil. DCC was up 3.0% after HSBC started coverage on the Irish distribution company with a Buy rating. Paddy Power Betfair was up 2.3% after Berenberg raised the bookmaker to Hold from Sell. In the FTSE 250, Man Group was up 4.5% after the hedge fund manager said its investment performance in the third quarter was "mixed" but continues to believe it is "well positioned" going forward.Man Group increased its closing funds under management in the three months ended September to USD114.1 billion from USD113.7 billion at the opening of the period.Man Group recorded USD400 million net inflows in the third quarter, excluding a previously announced USD2.2 billion infrastructure mandate redemption. Net inflows in the second quarter totalled USD3.5 billion. At the other end of the midcap index, Victrex was the worst performer, down 2.3% after Morgan Stanley downgraded the speciality chemicals company to Underweight from Equal Weight.The pound was up against the dollar quoted at USD1.3239 early Friday, up from USD1.3192 at the London equities close Thursday,In domestic political news, UK Prime Minister Theresa May has briefed key ministers on the Brexit negotiations amid speculation the government is moving closer to a deal with Brussels.Following the meeting of the "inner Cabinet" in Downing Street on Thursday, Chief Whip Julian Smith insisted ministers were united behind the May's strategy.However, Westminster was rife with speculation of possible resignations should May surrender too much ground to the EU in her attempt to win an agreement.The euro was firm quoted at USD1.1596, from USD1.1554 at the European equities close Thursday.In economic news from the continent, Germany's consumer price inflation accelerated to its highest level in nearly seven years in September, final data from Destatis revealed.Consumer prices advanced 2.3% on year, the fastest since November 2011, when inflation was 2.4%. Prices had advanced only 2% in August.The harmonized index of consumer prices, or HICP, climbed 2.2% year-on-year in September, as estimated, after a 1.9% increase in the previous month. This was the fastest in four months.In the economic events calendar there is eurozone industrial production at 1000 BST.In the US on Thursday, Wall Street ended sharply lower, with the Dow Jones Industrial Average and S&P 500 down 2.1% and Nasdaq Composite down 1.3%.In the US corporate calendar on Friday banks Citigroup, JPMorgan and Wells Fargo will report earnings before the market open in New York.The Japanese Nikkei 225 index closed up 0.5% on Friday. In China, the Shanghai Composite closed up 0.9%, while the Hang Seng index in Hong Kong is up 2.1%.China's foreign trade grew robustly in September, despite the escalating trade war with the US, official customs data showed.China's exports, in dollar amounts, 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.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.