The FTSE ultimately ended the session higher, albeit marginally, tracking some modest gains on the S&P 500 in the US and despite some less-than-impressive data ahead of the Federal Reserve's two-day meeting which begins tomorrow.
The Fed is expected to announce after the meeting that it will keep its monthly $85bn bond buying programme unchanged and maintain the interest rate at 0.25%. Economists predict the Fed will hold off on a tapering of quantitative easing until March 2014.
In the UK, helping stocks inch higher was the news consumer credit rose in October for the first time since the recession, boosted by an improvement in confidence. According to a study by the EY ITEM Club, consumers are more prepared to take on credit than they have been in the five years since the crisis, helping to drive the economy towards improvement. The news indicates confidence in job security and UK economic prospects as a whole.
Also providing a boost was the announcement that average UK asking house prices rose 0.5% in October on the previous month, boosted by higher buyer demand and a decline in the supply of houses. Hometrack, the property tracking firm, said Monday that the increase matched that seen in September, and represents the ninth monthly climb in prices. On the year, average prices were up 3.1%, up from 2.4% the prior month.
Begbies Traynor reported a decline in levels of 'critical' financial distress amongst UK businesses. The group's Red Flag Alert research, which looks at UK corporate financial health, saw a 2% fall in the number of businesses experiencing this level of financial trouble, which follows a 9% decline in the previous quarter.
The Fed is expected to announce after the meeting that it will keep its monthly $85bn bond buying programme unchanged and maintain the interest rate at 0.25%. Economists predict the Fed will hold off on a tapering of quantitative easing until March 2014.
In the UK, helping stocks inch higher was the news consumer credit rose in October for the first time since the recession, boosted by an improvement in confidence. According to a study by the EY ITEM Club, consumers are more prepared to take on credit than they have been in the five years since the crisis, helping to drive the economy towards improvement. The news indicates confidence in job security and UK economic prospects as a whole.
Also providing a boost was the announcement that average UK asking house prices rose 0.5% in October on the previous month, boosted by higher buyer demand and a decline in the supply of houses. Hometrack, the property tracking firm, said Monday that the increase matched that seen in September, and represents the ninth monthly climb in prices. On the year, average prices were up 3.1%, up from 2.4% the prior month.
Begbies Traynor reported a decline in levels of 'critical' financial distress amongst UK businesses. The group's Red Flag Alert research, which looks at UK corporate financial health, saw a 2% fall in the number of businesses experiencing this level of financial trouble, which follows a 9% decline in the previous quarter.
