Miners and GDP data lift UK shares

Again, investors were reminded of the determination of Western central banks to raise rates at the ECB conference in Portugal. And again, they couldn't care less. Meanwhile, the UK is having to deal with the debt crisis at Thames Water, which weighed on utilities. The FTSE 100 ended yesterday 0.4% lower. However, financial outperformed after US banks passed the Fed’s annual stress test.

There was some good news today as data confirm the U.K. avoided a contraction in the first quarter. The Office for National Statistics said the GDP was up 0.1% in Q1, in line with expectations. The FTSE 100 was up 0.4% at 9am.

Mining stocks were among the top performers after weak China data raised hopes of a stimulus from the country’s authorities.

Barratt Developments gained 0.5% after agreeing to sell 604 homes to Lloyds subsidiary Citra Living Properties, for 168.4 million pounds.

Things to read today:

Why do some UK cities punch below their weight? (Financial Times)

New Chinese Law Raises Risks for American Firms in China, U.S. Officials Say (WSJ)