European luxury stocks saw an upswing, resulting in a significant boost over one percent for the FTSE 100. However, apprehension surrounding the impending release of PCE-based inflation data from the U.S. capped these gains.
Compared to the previous closing level of 7,529.73, the FTSE 100 experienced a range oscillation between 7,627.86 and 7,529.69.
Currently, the benchmark index of the London Stock Exchange is trading at 7,627.24 registering an increment of 1.29 percent from the previous night.
Out of the 100 stocks indexed, only 8 registered a fall overnight. Diageo led the surge with a gain of 3.9 percent, followed by Croda International at 3.6 percent. Rentokil Initial, St James's Place, Barclays, and the Intermediate Capital Group all logged gains exceeding 2 percent.
On the other end of the spectrum, J Sainsbury saw a decline of 1.5 percent, followed by Marks and Spencer Group, which shed over a percent.
The GBP/USD pair rose by 0.07 percent overnight to stand at 1.2717, while the Dollar Index fell 0.10 percent to rest at 103.47. As for the sterling, it fluctuated between $1.2722 and $1.2675 during the day’s trading.
Before the Bank of England’s monetary policy decision, anticipated on Thursday, U.K. yields witnessed a smaller decline compared to European counterparts. The ten-year bond yields fell by 0.03 percent down to 3.9840 percent, slightly down from the 3.9850 percent of the previous day.
