FTSE, US markets rise as traders await key US data

The FTSE 100 ended 0.4 per cent higher, the DAX was 0.7 per cent higher, CAC added 0.6 per cent, and the pan-European Stoxx 600 advanced 0.7 per cent

The FTSE 100 and US stocks headed higher on Monday, even as storm Isha battered some European countries and traders await key US data later during the week.

High winds and lashing rain caused power outages and disrupted travel across the UK and parts of Europe, with flights grounded at multiple airports.

The FTSE 100 ended 0.4 per cent higher, while the DAX was 0.7 per cent higher and Paris's CAC added 0.6 per cent. The pan-European Stoxx 600 also advanced 0.7 per cent.

Gambling group Entain and grocer house builder Persimmon were among the top gainers in the FTSE by the afternoon, each gaining nearly 4 per cent.

US stocks also gained as markets closed in Europe, as market watchers await Thursday's gross domestic products (GDP) data, which will give insight into the health of the economy and act as a guide of any potential changes in the Federal Reserve's interest rate trajectory. Indices were driven by buoyant tech stocks.

The S&P 500 was 0.3 per cent higher, the Dow added 0.4 per cent and the Nasdaq climbed 0.4 per cent.

As markets ticked up, the Financial Times reported that hedge funds cashed in on punchy bets on stock markets to the tune of $67 billion in 2023.

Citing research from LCH investments, the paper reported that the 20 hedge funds which have performed best since their inception manage 19 per cent of assets but they made nearly a third of annual profits last year, in dollar terms.

Among top profit takers in 2023 were Sir Christopher Hohn’s TCI, Ken Griffin’s Citadel and Andreas Halvorsen’s Viking.