Business

Britain’s FTSE recovers after worst day in a year

by fm

24th May 2013

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1 min read

Britain's FTSE 100 gained on Friday, with central bankers offering some reassurance that stimulus will stay for a while yet, and some investors seeing value after the market's steepest fall in a year the previous day.

The bluechip index was up 17.19 points, or 0.3 percent, at 6,713.98 by 0703 GMT after slumping 2.1 percent on Thursday on concerns that U.S. Federal Reserve may soon start to unwind some of the stimulus that has helped global equity markets rally over the past year.

St. Louis Fed President James Bullard offered some reassurance on Friday, saying that inflation would have to pick up before he voted to scale down bond purchases, while the Bank of Japan also reaffirmed its commitment to stimulus to support the economy.