FTSE 100 higher on Fed rate cut hopes; JD Sports grows with strong sales By Reuters

(Reuters) – Britain’s benchmark FTSE 100 stock index rose on Thursday as growing optimism around an imminent interest rate cut by the U.S. Federal Reserve boosted sentiment, while JD (NASDAQ: ) Sports gained after the sportswear retailer reported higher quarterly sales.

The blue chip FTSE 100 was up 0.3 percent at 8,306.87 as of 0715 GMT. However, the average cap fell 0.2 percent after posting its best day in more than a week on Wednesday.

Personal care, drug and food stocks and auto and parts were the top gainers, up 1.2 percent and 1.3 percent, respectively. The sub-indices were lifted by gains by top sector players – Unilever (LON:) and Aston Martin.

On the other hand, heavy energy stocks fell 0.7 percent, leading declines across sectors, after oil prices fell on concerns about global demand. (OR)

Miners of personal goods and industrial metals were down 0.6% each.

Investors found some comfort in the minutes of the Fed’s latest policy meeting, where the “vast majority” of officials said a September rate cut was likely.

Investors’ focus during the day will be on Purchasing Managers’ Index (PMI) surveys in the US, UK and other economies, alongside a weekly reading of US jobless claims

The highly anticipated Jackson Hole Economic Symposium is also on the market’s radar, with Fed Chairman Jerome Powell scheduled to speak on Friday.

Policymakers are expected to recognize the case for a rate cut in September, amid dovish comments from other central bank officials and data adding to the cooling inflation narrative.

Among individual stocks, JD Sports Fashion rose 3.2 percent after the company reported a 2.4 percent rise in underlying sales in the second quarter. Stock has exceeded .

Ithaca Energy ( LON: ) fell 2.9% after the North Sea oil and gas company reported lower first-half net profit.