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FTSE 100 Rebounds As Commodity Stocks Rally

U.K. shares opened higher on Monday, with miners leading the surge, after major U.S. stock indexes rebounded in the last session on news that lawmakers have managed to end a brief government shutdown with a bill raising spending caps and funding the government until March 23rd.

The benchmark FTSE 100 was up 93 points or 1.31 percent at 7,185 in opening deals after declining 1.1 percent on Friday.

Mining stocks were broadly higher, with Antofagasta, Glencore, Rio Tinto and Anglo American climbing 2-3 percent.

Tullow Oil jumped 3 percent as oil prices rebounded after six straight days of declines amid heightened Middle East tensions.

Bookmaker Ladbrokes Coral rose 1 percent on reporting 4 percent increase in annual net revenue.

Saga shares climbed 3 percent. The tourism and insurance group for the over-50s has entered into a new quota share arrangement with NewRe and Hannover Re to cover 80 percent of the underwriting risk of motor policies of the Group's in-house underwriter.

On the economic front, the Bank of England is in no rush to hike rates and the rates will not go back to levels seen in the past, Chief Economist Andy Haldane said.

"We have a very strong eye on inflationary developments, and they're currently ahead of our target," Newcastle Chronicle newspaper reported him as saying.

Meanwhile, investors shrugged of the results of a survey showing that U.K. household spending declined at the start of the year, marking the first January drop since 2013.

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