FTSE 100 Posts Biggest Four-Day Jump Since 2008 as Pound Fallsby
U.K. equities extended their highest levels in almost a year after their biggest four-day jump since 2008.
The FTSE 100 Index climbed 1.1 percent at the close of trading in London, with 82 of its shares rising as the pound weakened. A gauge of banks reversed losses after people familiar with the matter said the Bank of England is planning to cut capital requirements as early as next week.
The benchmark gauge for U.K. stocks recovered in just four days from its post-Brexit vote slide, ending June as the best performer among developed markets tracked by Bloomberg. The weakening of the currency and Mark Carney’s reassurance that the BOE is ready to loosen policy pushed the gauge to its highest level since August. The FTSE 100 has rallied 7.2 percent this week, its biggest jump since 2011, as it surged 10 percent in four days.
The broader FTSE All-Share Index and Ireland’s ISEQ Index also rose on Friday. The regional Stoxx Europe 600 Index advanced 0.7 percent.