European markets jump on rate cut speculation
European markets jump on rate cut speculation European markets advanced on Wednesday, September 26, for the first time this week led by banks and exporters on speculation that the U.S. Federal Reserve may go for another interest rate cut in order to sustain growth in the world`s biggest economy. Northern Rock soared on news of takeover discussions. The biggest U.K. mortgage lender, HBOS, advanced after Goldman Sachs gave a `buy` recommendation to it. Porsche and ASML Holding gained most among the companies that are dependent on the U.S. for revenues. UK`s index FTSE 100 added 24.90 points, or 0.39%, to trade at 6,421.80. French benchmark index, CAC 40, climbed 51.84 points, or 0.92%, to trade at 5,693.43. Germany`s index DAX gained 22.05 points, or 0.28%, to trade at 7,791.49. Italy`s MILAN MIB30 added 341.00 points, or 0.86%, to trade at 40,072.00.
