U.K. stock markets edged higher on Friday, buoyed by optimism that a U.S. debt default can be avoided and increased consumer confidence. The FTSE 100 index traded 0.3% higher, the mid-cap FTSE 250 traded largely flat and the combined FTSE 350 rose 0.2%. U.S. President Joe Biden and top congressional Republican Kevin McCarthy expressed confidence that a deal could shortly be reached to lift the U.S. debt ceiling. The latest survey from market research firm GfK indicated that British consumer confidence has risen for the fourth month in a row to its highest since February 2022. Smiths Group (OTC:SMGZY) (LON:SMIN) raised guidance for organic revenue growth to 10% for the financial year after a strong third quarter. The U.K. government announced plans to support its semiconductor industry, seeking to boost its domestic chipmaking capabilities in the wake of disruptions to global supplies over the last year or so. Prime Minister Rishi Sunak is attending the latest Group of Seven summit in Japan’s Hiroshima, a gathering at which Ukrainian President Volodymyr Zelensky is expected to attend in person to ask for new sanctions against Russia.
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