FTSE 100 LIVE: European markets rise as BoE's Bailey says UK inflation cooling faster than expected
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The FTSE 100 (^FTSE) and European stocks were higher on Thursday after the governor of the Bank of England (BoE) said that UK inflation was cooling more rapidly than expected.
Speaking at an event organised by the Institute of International Finance on Wednesday in Washington DC, Andrew Bailey said: “If you’d ask me what inflation was going to be now, it would have been a bit higher than it is today.
"Disinflation is happening I think faster than we expected it to, but we have still genuine question marks about whether there have been some structural changes in the economy."
Policymakers have gathered to discuss the state of the global economy. It comes as UK inflation hit a three-and-a-half year low of 1.7% in September, falling below the Bank’s 2% target.
Money markets now predict a 89% chance of a rate cut from 5% to 4.75% in November.
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London’s benchmark index was 0.5% higher in early trade.
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Germany's DAX (^GDAXI) rose 0.5% and the CAC (^FCHI) in Paris headed 0.5% into the green.
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The pan-European STOXX 600 (^STOXX) was up 0.5%.
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Wall Street is set to open higher as S&P 500 futures (ES=F), Dow futures (YM=F) and Nasdaq futures (NQ=F) were all in the green.
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The pound was 0.4% up against the US dollar (GBPUSD=X) at 1.2967.
Follow along for live updates throughout the day:
LIVE 7 updatesComing up...
Good morning, and welcome back to our markets live blog. As usual we will be taking a deep dive into what's moving markets, and all that's happening across the global economy.
Here's a quick look at what's on the agenda for today:
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7am: Trading updates: Bloomsbury, Unilever, London Stock Exchange
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9am: Eurozone composite PMI surveys for October
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9.30am: UK composite PMI surveys for October
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11am: CBI’s industrial trends survey of UK manufacturing
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1pm: IMF chief Kristalina Georgieva gives main press conference
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1:30pm: US Initial Jobless Claims (US)
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3pm: US New Homes Sales
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