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FTSE 100 sets daily and weekly close above 7,700

On Friday the FTSE 100 was the standout performer amongst the European stock market indexes. The FTSE gained 114 points, closing above 7,700 for the first time this year in respect of its weekly close. The FTSE rose 1.50% on Friday, ending the week at 7,711. To put that percentage gain in context, the DAX closed 0.41% higher on Friday and the CAC 40 managed just 0.32%. The FTSE 100 was clearly supported by the revised outlook for UK interest rate cuts now this year, but more immediately after the much stronger than forecast rise in UK retail sales. However, so far today the FTSE 100 futures have not made any progress ahead of the opening this morning. That is not to say it will not, when live trading resumes shortly, but it is likely to be a quieter session today, owing to the US holiday. The FTSE 100 is just now priced to reopen at 7,705

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