FTSE 100 Hits Record High Amid Positive Market Sentiments

The UK's FTSE 100 closed at an unprecedented high, driven by investor optimism over potential interest rate cuts from the Bank of England. AstraZeneca's shares boosted the index as the pharmaceutical company reported successful late-stage drug trials.

The FTSE 100 rose 0.6%, closing at 8998.06 points, nearing the 9000 mark. AstraZeneca gained 2% after revealing that their experimental drug helped control high blood pressure in patients. The FTSE 250 also experienced a 0.5% increase, while Associated British Foods saw a stock upgrade.

Market focus now shifts to awaited inflation and employment data anticipated later this week, which will guide the Bank of England's future monetary policies. Investors are also keenly watching for updates during the annual Mansion House speech by finance minister Rachel Reeves and BoE Governor Andrew Bailey.

(With inputs from agencies.)