Financials, consumer staples boost FTSE 100; BoE rate hike bets rise

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Reuters UK

By Sruthi Shankar and Bansari Mayur Kamdar (Reuters) – UK’s benchmark FTSE 100 index rose on Tuesday as a buoyant global mood and strong gains by banks and consumer staples offset fears of a big interest rate hike next month after stronger-than-expected jobs data. The blue-chip FTSE 100 reversed early losses and gained 1.0%, while the domestically focussed midcap 250 index advanced 1.4%. “The main trigger of (the) higher move is the scaling back of the recession fears and global market optimism. Though, what we see today is likely a bear market bounce,” said Ipek Ozkardeskaya, senior analyst a…

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