The FTSE 100 and European stocks rose on Wednesday morning, following global markets higher after stocks started the week in the red. A surprise rate rise was behind some of the panic in Japan, while jobs data in the US sparked growth fears among mega-cap stocks and speculation that the Federal Reserve has waited too long to cut interest rates.
The FTSE 100 (^FTSE) rose 0.7% as markets opened — up around 55 points. The DAX (^GDAXI) in Germany ticked up 0.4% and the CAC (^FCHI) in Paris rose 0.6%.
The pan-European STOXX 600 (^STOXX) was also up 0.5%.
The moves come following new data from the Office for National Statistics showing UK GDP grew by 4.8% in 2022 — an upwards revision from the previous 4.3% estimate.
They also come amid news of house price growth in the UK in July. Halifax's monthly housing market monitor found the average house price had ticked up 0.8% compared with the previous month to £291,268.
The Bank of England's 25 basis point interest rate cut in August has helped return confidence to the housing market, as banks look to lower mortgage rates in concert.
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