Good morning from London, where the FTSE 100 is up by around 1% so far this morning after some positive economic data overnight in China.
The UK-listed mining giants always respond well to positive news in Asia and today is no exception, the data on this occasion was a private survey of Chinese factory activity that showed manufacturing defying expectations and expanding in November, buoyed by stronger demand.
The biggest story here in the UK so far this morning though is another rise in house prices. Nationwide Building Society reported that house prices rose for the third month in a row boosting hopes that the UK housing market might be stabilising. The lender’s house price index showed prices rose by 0.2% month-on-month from October. But Gabriella Dickens at Pantheon Macroeconomics warned not to “get too excited about the prospect of a sustained recovery just yet.” She thinks the rise in Nationwide’s index over the last couple of months will reverse in the very near term and a material recovery in house prices still looks a few months away yet.
And finally in small caps, Ondo InsurTech PLC (LSE:ONDO) has raised £1.08 million via a placing completed yesterday after market close. Ondo, which provides its LeakBot solution to protect homes from the impact of water damage, said it plans to use the proceeds for further working capital to go after existing contracted opportunities.
That’s all for this morning but there’s still plenty to come from us here today so check back later. Have a great end to the week