FTSE 100 Rallies On Rate Cut Hopes
(RTTNews) - U.K. stocks rose sharply on Thursday after the Federal Reserve confirmed plans to pivot to cutting rates next year, citing slowing inflation and economic growth.
The median forecast indicate rates will be lowered to 4.6 percent by the end of 2024, suggesting the Fed plans to cut rates by 25 basis points three times next year.
The Bank of England is widely expected to keep interest rates steady at a 15-year high later today, but investors will focus on when the first-rate cut will come.
The benchmark FTSE 100 was up 134 points, or 1.8 percent, at 7,682 after ending marginally higher on Wednesday.
Bunzl, the specialist international distribution and services Group, rallied 2.6 percent after upgrading its full-year profit outlook.
Oil & gas company BP rose about 1 percent. The company said it has forfeited a maximum of 32.43 million pounds or $40.59 million in potential remuneration from former CEO Bernard Looney after determining that he knowingly misled the board regarding his personal relationships with colleagues.
Serco Group rallied 5 percent after the outsourcing company forecast 2024 profit to increase to around 260 million pounds ($328.5 million).
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