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FTSE 100 drives higher as Burberry climbs, pound declines

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Models at Burberry’s 2017 Spring / Summer catwalk show in London.

The U.K.’s benchmark FTSE 100 was propelled higher Wednesday as Burberry Group PLC jumped following the luxury-retailer’s financial update, and as the pound dropped to a two-week low against the dollar. The London benchmark UKX, +0.82%  pushed up 0.7% to 7,380.76. All sectors advanced, led by oil and gas and consumer-goods stocks. The index was on course for its best session since July 3, FactSet data show. Investors will watch for U.K. employment data at 9:30 a.m. London time. “According to the consensus, U.K. wages may have grown at a slower pace of 1.8% (3m/y) in May versus 2.1% printed a month earlier. Softer wages growth should ease worries about the U.K.’s rising inflation, hence keep the [Bank of England] hawks on the sidelines and further weigh on the pound,” said Ipek Ozkardeskaya, senior market analyst at London Capital Group, in a note.

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