FTSE soars despite US figures

Investors shrugged off gloomy US output figures today as banking shares led a gain of more than 2% for the London market and swine flu fears took a back seat.

Although the first-quarter figures showed the world's largest economy still deep in recession, markets took cheer from signs of recovering consumer spending as well as a sharp fall in industry stockpiles - suggesting recent falls in production could soon come to an end.