FTSE 100 on track for biggest gain since November

The FTSE 100 is set to achieve its most significant weekly increase in nearly a year, driven by the belief that the rate hikes might be drawing to a close.

Britain’s premier stock index is projected to see a 3.4% uptick this week, marking the steepest climb since the previous November.

At the end of trading, London’s primary markets showed gains, with the FTSE100 up 38 points, closing at 7,711.

Investors are keenly awaiting the interest rate verdicts from the Bank of England and the US Federal Reserve in the coming week.

This anticipation follows the European Central Bank’s signal that its recent rate increment to an unprecedented 4% might be the finale in the ongoing series of hikes.

A declining pound, which dipped below $1.24 – its lowest since May – further propels the FTSE 100. This is because a significant portion of the index’s firms report their earnings and profit in US dollars.

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