The country’s economy grew 4.5% year-on-year in the first quarter, as the country reopened following Covid lockdowns, while economists were expecting 4.0%. In the previous quarter, annual growth was 2.4%. China's retail sales were also higher than expected, with an increase of 11% year-on-year in March, after a 3.5% increase in February.

The prospect of a strong demand from boosted miners in London, with Antofagasta and Fresnillo both up about 2%.

Anglo American rose 1.5% after it said it received environmental approval for the development of a copper mine in Chile.

Meanwhile, the Office for National Statistics announced that the UK jobless rate was 3.8% in the three months to February, which is higher than the 3.7% in the consensus. This means that the Bank of England efforts to cool down inflation and avoid an overheating of the economy are bearing fruit. However, data also showed pay growth in Britain increased by 6.6% in the three months to February, while economists expected 6.2%.

Among stocks, Entain rose 2.7% after posting upbeat results, with online revenue jumping 16%, while gaming soared 25%.

Easyjet Plc gained 2.2% after it said profit for the 2023 financial year are ahead of market expectations.

 

Things to read today:

Thatcher Advisor Says BOE is “Hopelessly” Wrong on Inflation (Bloomberg)

How Can China Contain Its $8.3 Trillion Financial Crisis (Bloomberg)

China’s Economy Rebounds After Three Years of Zero-Covid Isolation (WSJ)