London stocks were set to close the month of May with modest gains, underperforming other indexes as the strong performance of the pound in recent weeks has weighed on the FTSE 100.
Sterling climbed on Thursday, after Bank of England voting member Gertjan Vlieghe said a rate rise could be appropriate soon after the first quarter of next year, when the central bank would have a clear view of the post-furlough unemployment and wage dynamics. “It has been five months of investors fluctuating between optimism over the recovery, concern over the state of the COVID-19 pandemic and fears the economy will overheat, resulting in rampant inflation,” said AJ Bell investment director Russ Mould, in a note to clients.
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