Economics / Markets

The FTSE 100 reached its highest level since October 2008 this afternoon, leaping more than 80 points to within touching distance of 4,700.

Miners are leading the FTSE 100 higher this morning, as Barclays announced a near £3bn pre-tax profit for the first half of 2009.

US shares gained as investors took heart from better-than-expected US GDP numbers, showing the pace of economic decline is slowing.

The credit crunch has cost world governments a combined total of over $10trn in support for financial institutions, according to the International Monetary Fund (IMF).

London's FTSE 100 index stalled this morning after reaching its highest point for almost seven months on Thursday.

On Wall Street, shares surged forward on the back of positive earnings reports for companies across the world.

London shares were in positive territory this morning, led by telecoms giant BT Group.

Financials have helped the FTSE 100 regain its winning streak, with the index up over 1% this afternoon.

Risk appetite among investors in July was at its highest level since mid-2004, according to a survey by State Street Global Markets.

The FTSE 100 has this morning begun to reclaim some of yesterday's losses, with a buoyant Schroders ahead early on the back of an upgrade from Morgan Stanley analysts.