London stock futures jump after BoE's rate cut

London's FTSE 100 futures jumped on Wednesday after the Bank of England unexpectedly cut interest rates to shield the economy from the impact of the coronavirus outbreak.

FTSE futures gained 0.9% after the central bank cut rates by 50 basis points for the first time since August 2016. That comes ahead of the unveiling of the first budget of Prime Minister Boris Johnson's government. New finance minister Rishi Sunak is expected to pledge billions of pounds to fight the fall-out from the coronavirus on Wednesday.

The central bank move also lifted sentiment in Europe, with Euro Stoxx 50 futures rising 0.7% and German DAX futures gaining 0.4%.