FTSE 100 Hits Record High Amid Global Stock Rally

The FTSE 100 reached a record high as global stocks surged. This rise followed hints from U.S. Federal Reserve Chair Jerome Powell about a possible rate cut. The index, up 0.2% at 9,321.4, saw banking stocks lead gains amid positive U.S. developments. Consumer confidence grew slightly amid ongoing inflation worries.

Britain's FTSE 100 marked a fresh all-time high this Friday, continuing its upward trend for the fourth consecutive session, as optimism spread across global markets following hints from U.S. Federal Reserve Chair Jerome Powell of a potential rate cut.

The FTSE 100 index concluded the week with a 0.2% climb at 9,321.4, benefitting from a shift away from technology stocks which caused recent selloffs on Wall Street. The index has boasted a 14% increase this year, hitting over 9,300 points.

Investors worldwide responded positively to Powell's remarks at the Jackson Hole Symposium, where he indicated a rate cut could be forthcoming at the Federal Reserve's meeting in September. Banking stocks in London led the charge, with Standard Chartered jumping over 4% following a positive ruling from the U.S. Department of Justice.

Homebuilders, luxury goods makers, and automobile sectors each made significant gains, while the energy sector saw a modest rise after a slight uptick in oil prices. British consumer confidence improved slightly following the Bank of England's recent rate cut, though concerns about inflation and potential tax hikes linger.

(With inputs from agencies.)