UK Stock Markets Soar Amid Promising Corporate Updates

On Thursday, the UK's main stock indexes experienced an upward surge, buoyed by optimistic corporate announcements and a labor market that's cooling less critically than anticipated. The FTSE 100 closed with a 0.5% rise, while the FTSE 250 index saw an 0.8% increase, reaching its highest point in over three years.

Ocado stood out in the midcap index with an 18.5% jump, following its report of a considerable 76.5% rise in underlying earnings for the first half. The online supermarket and technology group plans to prioritize becoming cash positive in the next fiscal year. Meanwhile, data indicated slower British pay growth and a decline in employee numbers, yet less sharply than feared.

With inflation peaking at 3.6% in June, the focus is expected to shift to a weakening job market. Traders foresee a 77% probability of a rate cut next month. British stocks have rallied amid interest rate cut hopes and the potential UK-US trade deal. Notably, EasyJet fell 4.9% due to French air traffic controller strikes, and Coats Group dropped 12.3% following its costly acquisition of OrthoLite.