London Stocks Surge Amid Interest Rate Cut Bets and Barclays' Bold Move

London stocks climbed for a third day as investors speculated on potential interest rate cuts by the Bank of England following steady inflation data. Barclays soared with a surprise share buyback plan. The FTSE 100 and FTSE 250 rose, while ITV plummeted as Liberty Global reduced its stake.

London stocks have ascended for a third straight day, buoyed by mounting bets on prospective interest rate cuts from the Bank of England, driven by stable inflation data released on Wednesday.

A significant catalyst for the market was Barclays, which surged 4.2% on the FTSE 100. The bank announced a surprising 500 million pound share buyback, coupled with an enhanced profitability target for the year. This move invigorated the banks index, which saw a 1.6% uplift.

Conversely, ITV's shares suffered an 8.2% drop following news that its largest shareholder, Liberty Global, reduced its stake from 10% to 5%, marking it as the FTSE 250's biggest loser.