London Stock Market Surges Amid Interest Rate Cut Bets
London stock markets have risen for the third consecutive day as investors are anticipating a potential interest rate cut from the Bank of England. The unexpected stability of inflation and major financial moves by companies like Barclays have contributed to this upward trend in the FTSE indices.
London's stock markets extended their upward trajectory for a third day, driven by rising expectations of an interest rate cut by the Bank of England. This sentiment followed news that inflation rates had remained steady, contrary to previous predictions.
Barclays took center stage with a 5% gain, spurred by its unexpected announcement of a 500 million-pound share buyback and an upgraded profit forecast. As a result, the bank's stock contributed a 1.5% rise to the FTSE 100 index, fueled by growing speculation that the BoE may cut rates to 3.75% from 4% at the upcoming December meeting.
The FTSE 100 and FTSE 250 both saw significant gains, while key oil players like BP and Shell also benefited from a rise in oil prices. However, ITV's shares dropped sharply after Liberty Global halved its stake, making ITV the FTSE 250's poorest performer of the day.
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