Surge sends FTSE share prices soaring

An overnight surge in world stock markets on rate cut hopes sent London’s leading shares soaring more than 5% today.

Wall Street’s Dow Jones Industrial Average rose almost 11% amid expectations the US Federal Reserve will slash interest rates to 1% later today in the latest bid to tackle looming recession.

In Asia, Japan’s Nikkei 225 also leapt nearly 8% as traders speculated the country’s central bank could also deliver rate cuts on Friday.

The advances lifted the FTSE 100 Index 5.4% to stand at 4137.7, with just two blue-chip stocks in negative territory.

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