FTSE 100 Rebounds
(RTTNews) - The FTSE 100 benchmark rebounded on Wednesday amidst a surge in technology shares. A spike in crude oil prices bolstered energy stocks. Anxiety ahead of GDP update on Thursday limited gains.
The FTSE 100 of the London Stock Exchange which had closed at 10,751.59 on Tuesday traded between 10,842.10 and 10,751.67 on Wednesday.
The index is currently trading at 10,797.18, adding 0.42 percent from the previous close.
Spirax Group rallied 3.7 percent. Polar Capital Technology Trust followed with gains of 2.9 percent.
JD Sports Fashion led losses with a decline of 1.9 percent. Babcock International Group also lost more than 1.7 percent.
The dollar's surge, powered by the fresh Fed hike bets following the rise in consumer price inflation in the U.S. has lifted the six-currency Dollar Index by 0.44 percent to 102.68. In response, the GBP/USD pair has slipped 0.32 percent to 1.3297. The sterling ranged between $1.3356 and $1.3295 in the day's trade. The EUR/GBP pair has slipped 0.07 percent to 0.8360. The GBP/JPY pair is currently trading 0.10 percent higher at 212.02.
Despite the rising Fed rate hike bets and the U.S. dollar's surge, bond yields have eased in much of Europe. In tandem, yields on ten-year bonds in the U.K. have decreased 0.51 percent to trade at 5.2017 percent. The yields ranged between 5.2231 percent and 5.1833 percent over the course of the day. Yields had closed at 5.2284 percent a day earlier.
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