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FTSE rises ahead of Fed statement | |
(about 4 hours later) | |
(Close): The London market closed higher on hopes that the US Federal Reserve would indicate that it is in no hurry to increase interest rates. | |
The FTSE 100 index finished 0.8% higher at 6,453. | |
Traders were confident that the Fed will confirm the end of its policy of quantitative easing and keep interest rates on hold well into next year. | |
Intertek was the biggest winner on the FTSE 100, rising 5% on positive comments from two investment banks. | |
Business services provider, Capita, fell almost 6% after it lost out on a contract to run British rehabilitation centres for low and medium-risk offenders. | |
Shares in Next dropped 0.3% after it cut its full-year profit guidance. The milder-than-usual weather over the past couple of months has hit demand for winter clothes. | |
It now expects full-year profits of £750m-£790m, down from its previous guidance of £775m-£815m. | It now expects full-year profits of £750m-£790m, down from its previous guidance of £775m-£815m. |
Other clothing retailers were hit by the news, with Marks and Spencer shares down 0.6% and Supergroup - the firm behind the Superdry brand - dropping 3.6%. | |
Shares in TUI Travel rose 3.3%. On Tuesday, TUI Travel and German company TUI AG approved the plan for the two to merge. | |
Fed meeting | |
The Fed's main policy making committee is meeting in Washington, where it is discussing whether to stop buying financial assets with newly created money. | |
Since late last year it has been gradually cutting back the scheme, which began in 2008. | |
The markets are expecting that the asset purchases will finally cease. | |
Ahead of that, on the currency markets, the pound was little changed against the dollar for the session at $1.61370. | |
It was 0.1% lower against the euro at €1.26510. |