CPI Softening Boosts FTSE 100

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CPI Softening Boosts FTSE 100

(RTTNews) - Better-than-expected CPI readings from the U.K. bolstered sentiment, helping FTSE 100 outperform its peers.

Data released earlier in the day showed annual inflation rate in the U.K. edging down to 3.4 percent in May from 3.5 percent in April, matching expectations. Core inflation declined more-than-expected to 3.5 percent from 3.8 percent in the previous month. Month-on-month headline and core inflation recorded 0.2 percent as expected.

The Middle East conflict as well as the Bank of England's interest rate decision scheduled for Thursday also swayed market sentiment.

The FTSE 100 which had closed at 8,834.03 on Tuesday oscillated between 8,856.56 and 8,820.42 on Wednesday even as markets digested the softening in consumer price inflation.

The benchmark index of the London Stock Exchange is currently trading at 8,845.74, having gained 0.13 percent on an overnight basis.

In the 100-scrip index, 60 scrips are trading in the overnight green zone.

Melrose Industries gained more than 3 percent. Aviva as well as Entain added around 1.8 percent.

Ashtead Group declined 3 percent. Howden Joinery Group followed with losses of 2.6 percent.

With Dollar weakness dragging down the Dollar Index 0.24 percent to 98.59, the GBP/USD pair has rallied 0.13 percent overnight to 1.3457. The sterling ranged between $1.3476 and $1.3422 in the day's trade. The EUR/GBP pair edged up to 0.8554. The GBP/JPY pair has however declined 0.12 percent to 194.85.

Bond yields in the U.K. are currently trading below the flatline. Ten-year bond yields have declined 0.77 percent to 4.5230 percent. The yields ranged between 4.5620 percent and 4.5060 percent over the course of the day. The same was 4.5580 percent a day earlier.

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