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UK Stocks Gain 0.5% as Major European Markets Remain Shut for Labour Day

By Investors Hub

UK stocks have moved to the upside during trading on Tuesday, while most of the other major European markets are closed for Labor Day. The U.K.?s FTSE 100 Index is rising by 0.5 percent.

Shares of oil company BP PLC have moved higher after the company reported its best quarterly performance in almost four years, thanks to rising oil prices and increased production.

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According to a report from IHS Markit, the Markit/Chartered Institute of Procurement & Supply factory Purchasing Managers’ Index fell to 53.9 in April from 54.9 in March. Nonetheless, the indicator signaled expansion in each of the past 21 months.

On the price front, the rate of input price inflation faced by U.K. manufacturers remained elevated in April, despite easing to a nine-month low, the report said. Meanwhile, the rate of output charge inflation eased for the third straight month to the slowest since August 2017.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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