Traders increase bets of 50 bps BoE rate hike
Made.com shares plunge to record low
Money transfer co Wise jumps after trading update
FTSE 100 up 1.0, FTSE 250 rises 1.4

July 19 Reuters UK39;s benchmark FTSE 100 index rose on Tuesday as a buoyant global mood and strong gains by banks and consumer staples offset fears of a big interest rate hike next month after strongerthanexpected jobs data.

The bluechip FTSE 100 reversed early losses and gained 1.0, while the domestically focussed midcap 250 index advanced 1.4.

The main trigger of the higher move is the scaling back of the recession fears and global market optimism. Though, what we see today is likely a bear market bounce, said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

Britain39;s unemployment rate held at 3.8 in the three months to May and the number of people in work rose by the most since the middle of 2021, data showed, suggesting the costofliving squeeze has not yet hit demand for staff. 

Traders were pricing in a 90.4 chance of an aggressive 50 basis point rate hike next month, with consumer prices and retail sales data due later this week likely offering fresh clues on inflation and the health of the British consumer.

Banks rose 1.7 boosting the bluechip index, along with defensive stocks like consumer staples. Unilever and British American Tobacco added 2.0 and 1.3, respectively.

Now that interest rates are rising, there is this expectation that it39;s going to have a positive impact on…