(RTTNews) - The U.K. market reversed early losses and is trading in positive territory in afternoon trading Friday, as the revised gross domestic product data lifted investor confidence.
Crude for October delivery is trading down $0.24 at $73.12 per barrel and December gold is currently at $1240.1 an ounce, up $2.4 from the previous close.
In economic news, second-quarter economic growth was revised up in the U.K. The economy grew 1.2% sequentially in the second quarter, revised up from 1.1%, the Office for National Statistics said. It was the biggest expansion since the first quarter of 2001. GDP was 1.7% higher than the second quarter of 2009.
Germany's import price inflation continued to rise in July, a report by the Federal Statistical Office showed. The import price index rose 9.9% year-on-year in July, faster than 9.1% in the previous month. Economists had expected an increase of 9.7%.
Consumer prices in Japan were down 1.1% on year in July, falling for the 17th consecutive month, the Ministry of Internal Affairs and Communications said. The reading came in line with expectations following the 1% decline in June.
In the U.S., economic activity in the second quarter expanded by far less than previously estimated, according to a report released by the Commerce Department. The Commerce Department said GDP growth in the second quarter was downwardly revised to 1.6% from the advance estimate of 2.4%. Economists had been expecting second quarter GDP growth to be revised down to 1.4%.
The FTSE 100 opened at 5,156 and after languishing in negative territory, moved into positive territory in early afternoon session. The index is currently rising 0.08%.
Cable & Wireless Worldwide is gaining 4.63%, followed by African Barrick Gold, which is rising 2.32%. Utility Aggreko is rising 1.78% and Centrica is adding 1%. Telecom operators Vodafone and BT Group are each adding 1.4%.
Tullow Oil is declining 4.36% and oil giant BP is dropping 2.03%. Royal Bank of Scotland is losing 1.7% and Lloyds Banking Group is slipping 0.66%. Barclays is falling 0.38%.
Among miners, Anglo American is sliding 1.47% and BHP Billiton is contracting 1.3%. Vedanta Resources and Eurasian Natural Resources are slipping 0.6% and 0.5%, respectively.
Overseas, most stock markets across the Asia-Pacific ended in positive territory. Australia's All Ordinaries added 0.33%, China's Shanghai Composite Index gained 0.28% and Japan's Nikkei 225 gathered 0.95%. However, India's BSE Sensex bucked the uptrend and dropped 1.25%.
