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FTSE 100 rebounds from 4-day losing streak on Fed rate cut hopes, Reckitt settlement

FTSE 100 rebounds from 4-day losing streak on Fed rate cut hopes, Reckitt settlement
FILE PHOTO: Traders work on the trading floor of Barclays Bank at Canary Wharf in London, Britain December 7, 2018. REUTERS/Simon Dawson -
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SIMON DAWSON(Reuters)
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(Reuters) – London’s main index snapped a four-day losing streak on Thursday as comments from the U.S. central bank reinforced bets of an interest rate cut and lifted broader sentiment, while Reckitt gained after agreeing to a settlement with U.S. authorities.

The FTSE 100 <.FTSE> added 0.2%, with the biggest support from oil majors. The mid-cap FTSE 250 <.FTMC> rose 0.3% by 0707 GMT.

Federal Reserve Chairman Jerome Powell on Wednesday said the central bank was prepared to “act as appropriate” to counter a threat to the economy from the effects of a trade dispute with China and disappointing factory activity, stoking hopes that the Fed would ease its policy later this month.

Reckitt Benckiser <RB.L> added 2.2% after it agreed to pay up to $1.4 billion to resolve all U.S. federal investigations in connection with the sales and marketing of Suboxone Film by its former unit Indivior <INDV.L>.

Indivior gained 24% after it raised its annual profit and revenue forecast in a separate statement as Suboxone lost market share at a lower pace than expected.

(Reporting by Muvija M and Shashwat Awasthi in Bengaluru; Editing by Bernard Orr)

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