Shares up after US rate cut

The London market surged 1.7% ahead today as stocks rallied on news that US policymakers cut interest rates by three-quarters of a percentage point.

The US Federal Reserve slashed the cost of borrowing as fears of a recession mounted, sending stocks soaring on the FTSE 100 Index.

The Footsie rose by more than 100 points at one stage after the news, recovering after an abysmal start that had seen the index plummet by 4.3% in the first few minutes of trading.


Most Read in Business

  • Long way to go on Brexit, business bodies warn

    Business organisations have largely welcomed the Brexit hard border breakthrough, but cautioned that there is a long road ahead in negotiations, before trade arrangements become certain.

  • Cork PepsiCo workers urged to accept 9% pay rise offer

    A group of workers at the Irish arm of US soft drinks giant, Pepsico, are to get more fizz into their pay packets, despite company concerns over the impact of the Government’s planned sugar tax on earnings.

  • Abbey stoic in face of Brexit as profits increase 8%

    Irish housebuilding group Abbey has said it remains upbeat about its prospects after reporting a near 8% annualised rise in profits for the first half of its financial year.

  • Hobbs says judgment, not integrity may be flawed

    Financial adviser and television personality Eddie Hobbs has said he is “deeply saddened” for investors who lost almost €13m in a firm he fronted, writes Pádraig Hoare.

  • Minimal impact for Irish banks as Basel III agreed

    Financial regulators have reached a deal to harmonise global banking rules, capping a decade of effort to make banks more resilient, even if they fall short of their own initial hopes.

World Markets