The FTSE 100 moved 0.68%, or 49.77 factors, increased to complete at 7,320.53.
Elsewhere in Europe , the image was largely related as French and German trade knowledge additionally confirmed strain from rates of interest but in addition instructed that inflationary strain is continuous to ease.
Germany’s Dax index was 0.15% increased for the day and the Cac 40 closed up 0.08%.
Michael Hewson, chief market analyst at CMC Markets UK, mentioned: “It’s been another day of disappointing economic data with French, German and UK flash manufacturing and services PMIs coming in well below expectations and pointing to a 0.2% contraction in Q3 GDP.
“Rather perversely this hasn’t been taken as the negative as it might have done as it serves to prove that the rate hikes that have been implemented by central banks are starting to have the desired effect, as services sector activity slowed more than expected in August.
“Consequently, the weak data has helped push the FTSE 100 to a one-week high, as well as helping it to outperform its European peers, as the more defensive areas of the market outperform, helped by utilities.”
London’s multinationals have been additionally boosted by weak spot within the pound, which got here below strain on account of the most recent PMI knowledge.
Economists akin to Martin Beck at EY Item Club instructed that though the Bank of England was nonetheless prone to improve charges once more subsequent month, it’s unlikely to extend them past this, weighing on the worth of sterling.
The pound was down 0.11% to 1.271 US {dollars} and 0.23% decrease at 1.170 euros at market shut in London.
In firm news, JD Sports stumbled after Foot Locker grew to become the sports activities retailer’s newest rival to publish a weak earnings replace.
The US footwear specialists minimize its annual gross sales forecasts after it reported a 9.9% drop in gross sales to 1.86 billion {dollars} (£1.46 billion) for the most recent quarter.
As a outcome, UK-based competitor JD Sports noticed shares decline by 7.6p to 133.15p, including to a fall in shares on Tuesday on the again of a weak displaying from Dick’s Sporting Goods.
Costain climbed after the infrastructure firm hinted that it could possibly be near paying shareholders a dividend for the primary time in a number of years.
Shares within the firm rose 3.1p to 51p.
Elsewhere, the worth of a barrel of Brent crude fell by 0.8% to 83.41 US {dollars} as markets have been closing in London.
The greatest risers within the FTSE 100 have been Endeavour Mining, up 67p at 1,669p, Unite Group, up 29p at 937.5p, Segro, up 20.8p at 726.2p, Fresnillo, up 15p at 553p, and Flutter, up 360p at 14,000p.
The greatest fallers within the index have been JD Sports, down 7.6p at 133.15p, BP, down 6.75p at 471.15p, Centrica, down 1.95p at 144.5p, Frasers Group, down 10.5p at 784.5p, and B&M, down 5.8p at 563p.
