March 11 — London’s FTSE 100 futures jumped today 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 per cent 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's move also lifted sentiment in Europe, with Euro Stoxx 50 futures rising 0.7 per cent and German DAX futures gaining 0.4 per cent. — Reuters