FTSE 100 Rises In Cautious Optimism Even As CPI, BoE Loom
(RTTNews) - FTSE 100 of the London Stock Exchange added close to a quarter percent, even as caution remains ahead of the update to CPI readings and the interest rate decision by the Bank of England.
Headline annual inflation in the U.K. is seen rising to 7 percent in August, from 6.8 percent in the previous month. Core inflation is however seen edging down to 6.8 percent, from 6.9 percent a month earlier. Given the inflationary situation, the Bank of England is widely expected to raise rates by another 25 basis points in the review to be announced on Thursday.
FTSE 100 oscillated between 7,642.67 and 7,682.57 as compared with the previous day's closing level of 7,652.94.
The benchmark index of the London Stock Exchange is currently trading at 7,669.10, having advanced 0.21 percent on an overnight basis.
In the 100-scrip index, only 32 are trading in the overnight red zone.
Hargreaves Lansdown rallied 4.3 percent. Ocado Group, Phoenix Group Holdings, Marks and Spencer, all gained more than 2 percent.
Kingfisher plunged 7.3 percent after downgrading its annual profit forecast.
Burberry Group, Melrose Industries, Convatec Group, AstraZeneca, Halma, all gained more than 1 percent.
Amidst the Dollar Index slipping 0.21 percent to 104.99, the GBP/USD pair increased 0.09 percent overnight to 1.2393.
Yields on U.K.'s ten-year bonds eased much less than its European peers, dropping 0.23 percent to trade at 4.3805 percent.
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