By Adam Haigh
Dec. 23 (Bloomberg) -- U.K. stocks advanced, extending the biggest annual rally since 1997, before reports that may show U.S. consumer spending and new-home sales rose.
Antofagasta Plc and Fresnillo Plc both climbed more than 1 percent as metals prices advanced. Consumer spending probably rose in the world’s largest economy, some economists said before a report due at 8:30 a.m. in Washington.
The benchmark FTSE 100 Index gained 26.34 or 0.5 percent, to 5,355.00 as of 8:16 a.m. in London, extending this year’s 21 percent rally. The benchmark gauge has rebounded 52 percent since March as central banks cut interest rates to record lows and governments worldwide committed about $12 trillion to revive the economy. The FTSE All-Share Index rose 0.5 percent today and Ireland’s ISEQ Index fell 0.1 percent.
This year has “demonstrated beyond any reasonable doubt the fire power of public policy, especially when coordinated globally,” said Bill O’Neill, a portfolio strategist at Merrill Lynch Wealth Management in London. “Economies are ending the year on a firm footing based on the latest readings of business confidence.”
Consumer spending in the U.S. probably rose in November for the sixth time in seven months as households took advantage of holiday discounting. Purchases gained 0.7 percent for a second consecutive month, according to the median estimate of 72 economists surveyed by Bloomberg News. The report may also show incomes grew by the most in six months. Other data will probably show confidence and new-home sales also climbed.
Antofagasta rose 1.1 percent to 918 pence and Fresnillo gained 1.3 percent to 761.5 pence. Copper, nickel and tin advanced on the London Metal Exchange.
To contact the reporter responsible for this story: Adam Haigh in London at ahaigh1@bloomberg.net.
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