U.K. stocks were moving higher on Wednesday after Federal Reserve Chair Jerome Powell said that inflation has been improving in recent months and “more good data would strengthen” the case for interest-rate cuts.
The benchmark FTSE 100 was up 34 points, or 0.4 percent, at 8,174 after falling 0.7 percent on Tuesday.
Miners Antofagasta and Glencore dropped around half a percent each while energy stocks such as BP Plc and Shell edged up slightly.
Barratt Developments declined 2.2 percent. Citing high mortgage rates and broader economic concerns, the housebuilder said it is targeting to deliver fewer homes in the year ahead.
Construction materials firm Travis Perkins soared 5.7 percent after appointing a new chief executive.
Hostelworld Group, a social network powered Online Travel Agent focused on the hostelling category, plunged 5.4 percent despite reporting higher earnings in its first half and reiterating its fiscal 2024 adjusted EBITDA guidance.
Market Analysis
FTSE 100 Edges Higher On Rate Cut Hopes
2024-07-10 09:22:24
