FTSE 100 Rebounds Amidst Positive Global Sentiment

A global positive sentiment triggered by easing inflation across regions and hopes of rate cuts helped FTSE 100 rebound after a losing streak.

FTSE 100 oscillated between 7,473.37 and 7,387.09 as compared with the previous day’s closing level of 7,423.46.

The benchmark index of the London Stock Exchange is currently trading at 7,469.44, having gained 0.62 percent on an overnight basis.

In the 100-scrip index, only 32 are trading in the overnight negative zone.

Smurfit Kappa Group and BP have both gained a little less than 3 percent. Rolls Royce Holdings also added more than 2 percent.

Severn Trent slipped 3.2 percent. Entain declined more than 2 percent. United Utilities Group and Fresnillo, both slipped more than 2 percent.

Ahead of PCE data release, the Dollar Index rose 0.53 percent to 103.31, whereas the GBP/USD pair decreased 0.43 percent overnight to 1.2639. The sterling ranged between $1.2711 and $1.2631 in the day’s trade.

Anxiety ahead of the release of PCE inflation readings in the U.S. lifted bond yields globally. However, the yield spike in the U.K. far exceeded those of the regional peers as fears of Bank of England continuing with the restrictive monetary policy stance also weighed on sentiment. Yields on U.K.’s ten-year bonds jumped 1.92 percent to the level of 4.1765 percent. The same was 4.0980 percent a day earlier.

Business News