FTSE 100 Modestly Higher As Bailey Hints At Aggressive Rate Cuts
2024-09-28
2408
(fxcue news) - U.K. stock advanced on Thursday while the pound weakened after Bank of England Governor Andrew Bailey reportedly hinted at 'more aggressive' path for cutting interest rates if inflation news stays positive.
In a wide-ranging interview with the Guardian, Bailey held out the prospect of the Bank becoming a "bit more aggressive" with interest-rate cuts.
Meanwhile, the U.K. Services PMI was finalized at 52.4 in September, down from August's 53.7.
The benchmark FTSE 100 was up 26 points, or 0.3 percent, at 8,317 after rising 0.2 percent on Wednesday.
British Land Company shares were down 0.7 percent. The property firm said it has acquired a portfolio of seven retail parks for 441 million pounds.
Tesco jumped 3.1 percent. The supermarket group lifted its annual profit forecast after profit and revenue increased in the first six months of the financial year.
Telecom Plus gained 0.7 percent as it reported continued robust growth in customer numbers in a first-half update.
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