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Global stocks rally on hopes US and UK interest rates have peaked

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London’s FTSE 100 gained more than 100 points on Thursday, with banking stocks among the biggest risers.

Stock markets were boosted after policymakers at the Bank of England decided to keep the base interest rate steady at 5.25%, following the US Federal Reserve also keeping rate unchanged on Wednesday.

Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: “Although inflation was still more than three times the bank’s target, it’s expected to have taken another big step down in October, and private sector wage growth is also showing signs of easing. In company news, shares in Entain took a hit after the gambling giant revealed a £45 million hit from a run of football favourites winning matches last month, resulting in more payouts for punters.

The group reported a 27% drop in statutory pre-tax profits for the six months to September, but said last year’s results had been buoyed by income from a legal settlement.

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