British Equities Surge on Rate Cut Hopes and Supreme Court Ruling
British equities rose on Monday, led by bank shares, amid anticipation of a Bank of England rate cut. The FTSE 100 and FTSE 250 both improved, with bank stocks gaining after a favorable Supreme Court decision. Precious metal miners and aerospace stocks also saw gains, while Auction Technology Group fell sharply.
Bank shares propelled British equities higher on Monday, as the market rebounded from last week's downturn. Investors are optimistic about a potential interest rate cut by the Bank of England, expected later this week.
The FTSE 100 index climbed 0.7%, regaining ground from Friday's notable decline, while the FTSE 250 also saw a 0.7% increase. UK bank stocks rose significantly, driven by the Supreme Court's overturn of a motor finance commissions ruling, which had sparked concerns about a costly redress scheme.
Lloyds Banking Group stock soared 9%, reaching a decade-high. Close Brothers experienced a remarkable 23.5% increase, and Barclays gained 1.6%. Precious metal miners benefited from rising gold prices, while aerospace and defense stocks, along with energy giant BP, saw notable gains amid the sector's positive developments.
(With inputs from agencies.)
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