© Reuters. FILE PHOTO: A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. REUTERS/Toby Melville/File Photo/
By Shashwat Chauhan and Shubham Batra
(Reuters) -British equities logged solid weekly gains heading into the Christmas holidays on Friday amid rising hopes that major central banks, including the Bank of England, could consider interest rate cuts next year.
The blue-chip edged 0.04% higher, extending gains to a fourth week, while midcap index rose for a third straight week, up 0.3%.
The rally in global markets driven by the Federal Reserve’s dovish pivot and a surprise drop in domestic inflation boosted UK equities.
Britain’s economy might now be in a recession, according to data, which showed output shrank in the July-to-September quarter.
“The outlook for 2024 looks shaky with a sluggish consumer, ongoing price increases and more…
