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FTSE 100 index hits record high amid surge fuelled by falling pound

FTSE 100 index hits record high amid surge fuelled by falling pound

The blue-chip FTSE 100 index was up 0.1 percent at 7,107.76 points, near a record intraday high of 7,122.74 points set in April 2015.

The FTSE 100 has been boosted by the fall in the pound because numerous companies in the index generate a large proportion of their revenues overseas.

United Kingdom stocks were heading higher Tuesday, with retail and energy shares pushing the market's benchmark closer to a fresh all-time high.

While the pound's slide against the dollar has captured most of the headlines, especially last Friday when it plunged about 6 percent at one point to a new 31-year low of $1.1789, the currency is posting equally dramatic declines against the euro, which is used by 19 European Union countries.

He says: "Today the FTSE 100 reached an all-time intra-day high of 7,129.83, as the pound continued its slide and a member of the Bank of England's rate-setting committee saying that interest rates would stay low even if inflation begins to rise". Exporters have also gained, as a fall in sterling makes their goods cheaper for foreign buyers and increases their profits.

Papers seen by The Times showed that leaving the single market and switching to World Trade Organisation (WTO) rules would cause gross domestic product (GDP) to fall by up to 9.5% and cost the Treasury up to £66 billion per year, compared with if the country remained in the EU.

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A police spokesman did not immediately respond to a request for comment on the conditions of those injured and the investigation. If anyone has additional information, contact the police at 456-3400 or call silent observer at 774-2345.

However, that fall in sterling has given a boost to numerous FTSE 100's Global companies which earn much of their revenues in USA dollars, and therefore get a currency-related accounting lift as those dollars are converted back to pounds.

"Uncertainty as to whether the lower pound really is a net positive for the United Kingdom economy meant the new record was unsustainable".

"While we may see it find support soon, there appears to be little faith in sterling right now due to the huge uncertainties around Brexit and therefore further turbulence likely lies ahead for the pound".

Across Europe, the French Cac 40 and German Dax closed lower, dropping 0.6% and 0.4%, respectively.

The overnight gains came after Russian Federation said it was ready to join the Organization of Petroleum Exporting Countries in limiting crude output and Algeria called for similar commitments from other non-OPEC producers.

Away from the top tier, shares in Ted Baker closed 4.7% higher after the fashion chain shrugged off tough high-street trading to post a 20.5% leap in pre-tax profits to £21.5 million for the six months to August 13.

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