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Miners lead FTSE 100 higher on earnings cheer

01/20/2021 | 04:39am EST

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)

* BHP Group rises on upbeat 2021 outlook

* Pearson jumps after strong online sales

* Global stocks rally as Biden takes office

* FTSE 100 flat, FTSE 250 adds 0.8%

Jan 20 (Reuters) - UK's FTSE 100 rose on Wednesday as miners gained after a strong production forecast from BHP Group, while encouraging updates from luxury brand Burberry and education group Pearson drove optimism about the earnings season.

BHP Group Ltd climbed 2.8% after it forecast record iron ore production for fiscal 2021, helped by high prices for the commodity. Other miners Rio Tinto, Anglo American and Glencore rose more than 2%.

Global markets rallied in anticipation of more fiscal spending as Joe Biden prepared to take charge as the 46th U.S. president.

"There is a view in the markets that more spending is in the pipeline, after all, Mr Biden will want to start his presidency on a positive note," said David Madden, market analyst at CMC Markets UK.

The FTSE 100 index rose 0.4% and the domestically focussed FTSE 250 index added 1.4%.

The FTSE 100 has recorded consistent monthly gains since November after the sealing of a Brexit trade deal and hopes of a vaccine-led economic recovery, but has recently lost steam as tighter business restrictions sparked fears of a slow rebound.

Burberry rose 3.9% as it stuck to its full-year goals and said higher full-price sales would boost annual margins and Asian demand remained strong.

Global education group Pearson jumped 8.6% after its global online sales grew 18% in 2020, helped by strong enrolments in virtual schools.

WH Smith Plc surged 10.4% to the top of the FTSE 250 index as its trading during Christmas was ahead of its expectations. (Reporting by Shivani Kumaresan in Bengaluru; editing by Uttaresh.V, William Maclean)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ANGLO AMERICAN PLC 2.25% 2841.5 Delayed Quote.15.78%
BHP GROUP 1.33% 2324 Delayed Quote.18.73%
BURBERRY GROUP PLC -1.44% 1851.5 Delayed Quote.3.30%
EURO / BRITISH POUND (EUR/GBP) 0.08% 0.86078 Delayed Quote.-3.21%
GLENCORE PLC -0.35% 302.5 Delayed Quote.30.71%
GLOBAL EDUCATION LIMITED 0.72% 49 Delayed Quote.-27.60%
PEARSON PLC -0.48% 752.6 Delayed Quote.8.44%
RIO TINTO PLC 0.74% 6355 Delayed Quote.15.54%
S&P UNITED KINGDOM (PDS) 0.53% 1323.47 Delayed Quote.2.47%
WH SMITH PLC 3.29% 1970 Delayed Quote.18.21%
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