Europe: FTSE 100 hits 10-month high as weak pound spurs rate cut bets

[BENGALURU] Britain's main index rallied to a 10-month high on Wednesday as sterling fell after weak economic data, which aided exporter firms, reinforced bets that the Bank of England would cut interest rates and drove investors to high-dividend stocks.

The pound struggled for traction after Bank of England Governor Mark Carney said on Tuesday that the global trade war and a 'no-deal' Brexit may warrant a near-term policy response, which markets interpreted as a dovish signal. Appetite for policy easing was stoked last month when investors bet the US Federal Reserve would cut interest rates in response to slowing global economic growth, which helped the FTSE 100 enjoy its best month since January.

Shares of Flutter Entertainment surged 11.5 per cent to their best day in more than a year. Though speculation about a possible buyout persisted, the company said it was unaware of a reason for the jump in its share price.

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