FTSE 100 Joins Market Rally Fuelled By Rate Cut Hopes

The FTSE 100 added more than half a percent amidst widespread optimism of an earlier-than-expected rate cut by the Federal Reserve.

FTSE 100 oscillated between 7,759.74 and 7,697.51 as compared with the previous day’s closing level of 7,697.51.

The benchmark index of the London Stock Exchange is currently trading at 7,740.11, having added 0.55 percent on an overnight basis.

In the 100-scrip index, only 25 are trading in the overnight negative zone.

Anglo American surged 3.5 percent, followed by Entain that rallied 3.2 percent. Rentokil Initial, Intertek Group as well as Ocado Group added more than 2 percent.

Vodafone Group slipped 1.5 percent. BT Group also declined more than 1.4 percent.

Dollar Index edged down 0.04 percent to 101.43, whereas the GBP/USD pair increased 0.02 percent overnight to 1.2729. The sterling ranged between $1.2736 and $1.2697 in the day’s trade.

Bond yields in the U.K. dropped in line with the global trend, nearing a 9-month low. Yields on U.K.’s ten-year bonds declined 0.53 percent to the level of 3.4865 percent. The same was 3.5050 percent a day earlier.

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