FTSE 100 Rallies On Rate Cut Hopes
2024-10-24
1206
(fxcue news) - U.K. stocks rose notably on Thursday after Bank of England (BoE) Governor Andrew Bailey said that U.K. inflation is fading more rapidly than central bankers expected, boosting bets on another rate cut on Nov. 7.
"Disinflation is happening I think faster than we expected it to, but we have still genuine question marks about whether there have been some structural changes in the economy," he was quoted as saying at an event organized by the Institute of International Finance in Washington DC.
Meanwhile, investors shrugged of the results of a survey that showed U.K. business growth hit a 11-month low in October.
The benchmark FTSE 100 was up 63 points, or 0.8 percent, at 8,321 after falling 0.6 percent the previous day.
Indivior jumped 9 percent after the addiction treatment specialist reported a strong third-quarter performance.
Fund manager Abrdn plunged 8 percent as it reported deeper than expected outflows of client funds in the third quarter.
Essentra gained about 1 percent. The essential components manufacturer said that FY24 adjusted operating profits would be in line with market expectations.
GSK was also up 1 percent after announcing new positive data for RSV vaccine, Arexvy in younger adults.
Distribution and outsourcing firm Bunzl fell 2.4 percent despite reiterating its full-year guidance.
Lender Barclays soared nearly 4 percent after third-quarter profit beat expectations.
Global miner Anglo American surged 4.1 percent after raising platinum and nickel production guidance.
Consumer goods giant Unilever gained 3.9 percent as it reported slightly better-than-expected underlying quarterly sales.
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