Markets rose on Thursday as further indications of summer interest rate cuts from the United States and UK buoyed investors.Falls in leading stocks and the banks left the Irish Stock Exchange trailing the rest of Europe on Thursday, dealers said.
Dealers noted that Irish lenders gained ground recently following brokers’ comments that larger European banks could take them over. Harbour Energy, the largest British North Sea oil and gas producer, was the biggest gainer on the FTSE 250, gaining 7.7 per cent to 301.10 pence sterling after it said it expects to generate significantly higher free cash flow next year.3i Group was the biggest faller on the FTSE 100, closing 5.2 per cent down at 2,883p after the multinational private equity and venture capital firm’s annual total return fell.
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Bank of England moves closer to first rate cut since 2020The Bank of England took another step towards lowering interest rates, as a second official backed a cut and Governor Andrew Bailey said he was 'optimistic that things are moving in the right direction'.
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