London Index Soars Amid Global Tech Recovery and Fed Anticipation

London's stock market experienced a significant rise as global tech concerns eased and focus shifted to the upcoming U.S. Federal Reserve rate decision. The FTSE 100 and FTSE 250 indices saw gains, driven by utilities and retail sectors. Thursday's earnings and Friday's consumption data remain pivotal.

London's benchmark index experienced a notable increase on Tuesday, positioned to record its strongest performance in over a week as the global tech downturn subsided. The market's attention has now shifted to the U.S. Federal Reserve's upcoming rate cut decision, slated for later in the week.

The blue-chip FTSE 100 climbed 0.6% to 8,552.35 points by 1105 GMT. Similarly, the FTSE 250, which focuses on domestic businesses, advanced by 0.9%, marking its best day in more than a week. Utilities contributed the most to the benchmark's rise, gaining 2.2%.

While the pound retraced from its recent gains, investors refocused their interests towards the corporate earnings of key players due later this week, as well as the Federal Reserve's first interest-rate decision of the year. Additionally, Computacenter soared 5.9% after a historic profitable second half. The retail sector also performed well, buoyed by Pets at Home Group's promising third-quarter results.

(With inputs from agencies.)