FTSE Live: Pound steadies, FTSE 100 expected to tick higher in opening trade

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he pound has fought back from record lows touched in reaction to Kwasi Kwarteng’s tax-slashing mini budget, while according to opening calls, the FTSE 100 is expected to make modest opening gains, after managing a small overall rise by the end of the previous session.

The rebound came after the Treasury pledged to hold a full Budget in the spring and the Bank of England said it was keeping watch on markets and would not hesitate to raise rates.

Mortgage lenders have pulled some deals on offer as economists warn the potential inflationary effect could result in Bank of England interest rates having to stay higher for longer, highlighting the ongoing fall-out from the government’s tax cuts.

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Pound finds support around $1.08 and FTSE 100 expected to make modest opening gains

The pound was consolidating just above $1.08 as the sustained sell-off sparked by the government’s tax and spending plans eased, in part after the Bank of England said it was watching the markets and would not hesitate to raise rates.

According to opening calls from IG Markets, the FTSE 100 will make opening gains of 0.1% , taking the index to around 7030 points, with bigger rises of between 0.5% and 0.6% predicted for continental stock markets.

Sterling was up 1.1% to $1.0802 into the full market open.

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