FTSE 100 Rises Sharply As Soft Inflation Data Raises Rate Cut Bets
(RTTNews) - U.K. market's benchmark index FTSE 100 climbed up sharply on Wednesday as data showing cooler than expected consumer price inflation in the month of November raised expectations the Bank of England will announce an interest rate cut on Thursday.
The FTSE 100 was up 151.06 points or 1.56% at 9,835.85 about an hour past noon.
Data from the Office for National Statistics showed the consumer price index rose 3.2% year-on-year in November, slower than the 3.6% increase in October. Inflation was forecast to ease marginally to 3.5%.
On a monthly basis, the CPI dropped 0.2%, in contrast to the 0.4% rise posted in October. Prices were expected to remain flat in November.
Core inflation that excludes prices of energy, food, alcohol and tobacco, softened to 3.2% from 3.4% in the previous month.
Among the prominent gainers, Phoenix Group Holdings surged 4.3%, Metlen Energy & Metals, HSBC Holdings, Anglo American Plc., Fresnillo and United Utilities Group moved up 3. 4%.
Glencore, Endeavour Mining, Convatec Group, Barratt Redrow, National Grid, Severn Trent, SSE, Barclays Group, St. James's Place, Rolls-Royce Holdings, BP, Standard Chartered, Shell and Persimmon climbed 2.3 to 2.7%.
Bunzl slipped more than 3% after reiterating its 2025 guidance for adjusted operating profit.
WPP drifted lower by about 1.6%, while Associated British Foods, Experian, Burberry Group, DCC, Halma and Croda International lost 0.6 to 1%.
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