From Yahoo: 2024-05-10 04:55:00

London’s FTSE 100 Index reaches new highs, surpassing previous record intraday of 8,047.06 from last February. Retailers and financial stocks drive gains, lifting index to about 8,075. Bank of England chief economist’s comments cause slight dip in afternoon trading. Overall increase of 0.26% on Tuesday, following record close price on Monday.

Rally attributed to hopes of UK interest rates dropping, with inflation approaching 2% target. UK’s economic growth lagging behind G7 peers, turning it into strength against inflation. Anticipation of interest rate cuts before US leads to weakened pound against dollar. FTSE 100 benefits from large international companies’ earnings in dollars but reported in pounds, boosting London stock markets.



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