UPDATE 2-London stocks climb on the last day of tumultuous quarter

Reuters

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        * 
      FTSE 100 up 0.2%, FTSE 250 adds 2.3%
    

        * 
      FTSE 100 marks 2nd straight quarterly decline 
    

        * 
      Joules focus on profitability makes progress
    

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      UK Q2 GDP better than expected
    

  
 (Updates to market close)
    By Johann M  Cherian and Susan Mathew
       Sept 30 (Reuters) - UK's mid-cap stocks jumped on
Friday, with beaten-down sentiment getting a small lift from
data that showed the British economy performed better than
expected in the second quarter, though traders remained
cautious. 
    London's blue-chips FTSE 100 index  .FTSE  edged 0.2% higher
thanks to a comeback in hammered bank stocks  .FTNMX301010 ,
which rose 0.6%.  
    After losing more than 10% over the last six sessions, the
domestically focussed FTSE 250 index  .FTMC  surged 2.3% despite
a 21.3% plunge in cruise operator Carnival PLC  CCL.L  after it
forecast a loss for the fourth quarter amid rising costs.
 urn:newsml:reuters.com:*:nL4N31137I
    Holiday group TUI  TUIT.L  dropped 10.1%. 
    The Office for National Statistics said economic output in
Britain unexpectedly rose by 0.2% in April through June, revised
upward from a previous reading of a 0.1% contraction, but
remained below its pre-pandemic peak.  urn:newsml:reuters.com:*:nL8N31113Q
    "The real test is yet to come. The full extent of sky-high
inflation and now increased borrowing costs will only begin to
be truly felt in the second half of the year," Danni Hewson,
financial analyst at AJ Bell, said.
    "Even with the government's energy support package, many
households will see their bills shoot up, leaving them less cash
to pay for any of those discretionary goods and services that
help UK PLC soar."
    On the quarter, the FTSE 100 fell 3.8%, extending declines
to a second straight quarter amid fears of a hit to economic
growth from tighter monetary policy to curb surging inflation. 
    Some hefty declines came in the last week after the 
government unveiled a 'mini-budget' which proposed unfunded tax
cuts. The subsequent sell-off in gilts forced the Bank of
England to step in with emergency bond buying measures to calm
the markets, helping the pound  GBP=  off record lows. GB/ 
 GBP/     
    Joules Group  JOUL.L  surged 26.0% on Friday as the
struggling British fashion retailer said that its turnaround
plan was making good progress.  urn:newsml:reuters.com:*:nL4N3103G0
 (Reporting by Johann M Cherian in Bengaluru; Editing by Anil
D'Silva, Neha Arora and Andrew Heavens)
 ((johann.mcherian@thomsonreuters.com;))
 
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 Gilt futures:        0#FLG:          Smallcap index:     .FTSC  
 FTSE 250 index:      .FTMC           FTSE 350 index:     .FTLC  
 Market digest:       .AD.L           Top 10 by vol:      .AV.L  
 Top price gainers:   .NG.L           Top % gainers:      .PG.L  
 Top price losers:    .NL.L           Top % losers:       .PL.L  
 
 
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 UK hot stocks:       HOT  and  GB      Wall Street:           .N 
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 Pan European stock report:  .EU 
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 Sterling report:     GBP/            Dollar report:       USD/ 
 
 
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