However, today, the blue-chip index is down 2.2% after data showed British economy shrank in March by 0.1%, as the impact of inflation is being felt across households.

Oil majors BP Plc and Shell dropped 4.4% and 2.8%, respectively, while miners fell 4.3%, hampered by lower commodity prices.

Meanwhile, Rolls-Royce gained 2.5% after posting results that were in line with expectations. The group was helped by a gradual return to aviation and increased government investment in defense.

 

Things to read today:

Inflation Stays in the Heights (WSJ)

Boris Johnson’s Flagship Plan to Fix Britain Is in Trouble (Bloomberg)

Britain and Europe Have Two Common Enemies Now (Bloomberg)