No turning back for the FTSE 100 today as it heads for a record close well above 8,600

The standout performing European index coming into the close shortly has been the FTSE 100. The noted break above the previous all time high, covered in an update here earlier, has now delivered a move to just above 8,650 a short while.So, barring anything unusual in the next 15 minutes or so, the FTSE 100 is going to set a record close well above 8,600. The driver behind the move is rotation back to the UK stocks, as the markets begin to eye the prospect of a UK base rate cut next week. The FTSE has put on more than 1% today and despite the new records for the DAX, that compares to a rise of just around 0.30% for the German index.