London’s FTSE surges to 16-month high
by Kay Murchie
London’s FTSE 100 reached a 16-month high today boosted by strong Chinese export and import figures.
The index gained 61.61 points to 5,595.85 just after 9:00am British time today - a level last seen in September 2008.
The FTSE hit a low point in March 2009 of 3512 but appears to be making a strong recovery amid positive economic data.
In the meantime, the price of US crude oil touched a 15-month high to above $83 a barrel, lifted by the news from China.
It emerged over the weekend that China, which is the world’s third largest economy, had overtaken Germany as the world’s biggest exporter, the Xinhua news agency reported today.
Official figures revealed that Chinese exports soared 17.7% on an annual basis in December, while imports rose 55.9%.
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Tags: 16-month high, China, export, figures, FTSE 100, import, oil, rise