FTSE 100 Gains On US Rate-cut Expectations
2024-08-24
4566
(fxcue news) - U.K. stocks traded higher on Tuesday after the Dow Jones Industrial Average logged a record close overnight on growing expectations that the Federal Reserve will start cutting interest rates in September to help the economy.
The benchmark FTSE 100 rose 39 points, or half a percent, to 8,367 as trading resumed after a national holiday on Monday.
Miners traded higher, with Antofagasta rising 1.2 percent and Anglo American rallying 2.4 percent as copper prices climbed to their highest levels in nearly six weeks on U.S rate-cut optimism.
Bunzl soared almost 9 percent after the distribution and outsourcing group posted strong earnings and announced a share buyback plan.
Associated British Foods fell 2.7 percent as Deutsche Bank cut its rating on the stock to "sell" from "hold".
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