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FTSE 100 Rallies On Dovish Fed Bets
(RTTNews) - U.K. stocks traded higher on Friday amid expectations that the Federal Reserve may announce two rate cuts next year to support growth.
Meanwhile, investors shrugged off data showing that British retail sales volumes fell unexpectedly in October.
Retail sales volumes dropped 0.3 percent month-on-month after a revised 1.1 percent decline in September.
Economists had forecast a 0.3 percent rise in sales in October.
The benchmark FTSE 100 was up 64 points, or 0.9 percent, at 7,475 after losing 1 percent on Thursday.
FirstGroup rose nearly 3 percent. The transport operator has announced partnership with Hitachi ZeroCarbon Limited as part of the company's decarbonization program.
Hill & Smith added 2.5 percent. The engineering and construction company has acquired the business and assets of United Fiberglass from a charitable foundation for $14 million in cash.
Drug major AstraZeneca rose 1.4 percent after the U.S.FDA approved its Truqap (capivasertib) in combination with Faslodex (fulvestrant) to treat patients with advanced hormone receptor or HR-positive breast cancer.
London Stock Exchange Group fell over 1 percent after saying it remains on track to achieve guidance for 2023.
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