AstraZeneca Boosts London's FTSE 100 to Record High Amidst Anticipated BoE Rate Cut

London's FTSE 100 index surged to a new record, driven by AstraZeneca's positive results and the anticipation of a rate cut from the Bank of England. AstraZeneca led the gains, with its stock rising 5.1%, indicating a minimal business impact from a potential fine in China.

London's iconic blue-chip index reached a historic peak on Thursday, buoyed by AstraZeneca's strong performance and the looming possibility of a rate cut by the Bank of England.

AstraZeneca emerged as a leading performer within the FTSE 100, witnessing a 5.1% surge, marking its most significant rise since April 2024. This rally was part of a broader ascent in the FTSE 350 pharmaceutical and biotech sector, which soared 3.4% to its highest point in over three months.

Meanwhile, attention was firmly directed towards the Bank of England, expected to announce a 25 basis point reduction to its 4.75% policy rate, as it navigates the intricate balance between fostering economic growth and controlling inflationary pressures.

(With inputs from agencies.)