- FTSE 100 up 0.6%, FTSE 250 up 0.9%
- Computacenter jumps after H2 results
Jan 28 (Reuters) - London's benchmark index moved higher on Tuesday and was set to log its best day in over one week, as the global tech rout eased, while focus shifts to the U.S. Federal Reserve rate cut decision scheduled later in the week.
The blue-chip FTSE 100 rose 0.6% to 8,552.35 points by 1105 GMT, while the domestically focussed FTSE 250 ticked up 0.9%, and is also set for its best day in over a week.
The utilities was the biggest boost to the benchmark index, as it gained 2.2%.
The pound slipped after rising for the past three sessions, providing a tailwind for British equities.
Sentiment dipped on Monday as a low-cost Chinese artificial intelligence model emerged, prompting investors to question the dominance of AI bellwethers and their suppliers, which had previously driven high share prices for tech and chip firms.
In the present session, the investors may have stepped off the sell pedal, with Europe's STOXX 600 touching an intraday record high and Wall Street futures pointing to a steady open.
Most of the attention is headed towards the earnings of four of the seven magnificent companies slated for later in the week.
Also in focus is the Fed's first interest-rate decision of the year on Wednesday which is widely expected to hold its lending rate steady. Additionally, the December reading of personal consumption expenditures is scheduled for Friday.
In stock-related moves, Computacenter jumped 5.9% after the technology and services provider reported its most profitable second half in its history.
The retail sector was the top sectoral performer, lifted by a 5% gain in Pets at Home Group after the company reported its third-quarter results.
Reporting by Pranav Kashyap in Bengaluru; Editing by Vijay Kishore
Source: Reuters