FTSE 100 gains on precious metals surge; rate cut bets surge
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FTSE 100 up 0.4%, FTSE 250 adds 1%
Flutter Acquires 56% Stake In NSX Group For $350m
UK public's inflation expectations fall to 3-year low
Precious metal miners lead weekly gains
Updated at 1600 GMT
By Khushi Singh and Medha Singh
Sept 13 (Reuters) - Precious metal miningstocks lifted London's blue-chip index on Friday as investors raised their bets ona hefty U.S. interest rate cut next week, but gains were limited as a strong pound weighed on export-oriented companies.
The FTSE 100 .FTSE edged up 0.4%, while the mid-cap FTSE 250 .FTMC rose 1%. Both stock indexes registered a weekly advance, led by an over 19.5% rise in precious metal mining .FTNMX551030 stocks over the week.
The index climbed over 6.8% to its highest level in over 15 months. Gold miners Fresnillo FRES.L and Endeavour EDV.L firmed 5.7% and 10.5%, respectively,as gold scaled a record high against a weaker greenback. GOL/
Gold prices rose as optimism about the Federal Reserve cutting U.S. interest rates increased, driven by fund inflows and a weaker dollar.
Beverages .FTNMX451010 were the top sectoral decliners, down 1.2% after the Italian spirits group Campari CPRI.MIwarned about a "very soft" environment for the industry in the current quarter. UK peer Diageo DGE.L slipped 1.4%.
Sterling GBPUSD= touched a one-week high against the dollar after the Wall Street Journal and Financial Times reported it might be a close call on whether the Fed cuts rates by 25 basis points or by 50 bps at its meeting next Wednesday.
That prompted traders to boost their expectations of a steeper 50 bps rate cut to 43% from just 14% a day earlier, CME's FedWatch tool showed.
Meanwhile, the British public's expectations for inflation over the coming year dropped to their lowest in three years in August, likely reassuring policymakers ahead of next week's interest rate decision.
The Bank of England is expected to keep rates on hold in its upcoming meeting, according to a Reuters poll of economists.
Among other stocks, Vodafone VOD.L rose 1.1% on expectations that the telecom provider's merger with Three UK could winregulatory approval if they can guarantee the $19 billion deal will be good for consumers.
Flutter Entertainment FLTRF.L shares edged up 1.4% after the Irish betting giant said it will buy a 56% stake in NSX Group, which operatesBrazilian gaming group Betnacional, for about $350 million.
Reporting by Khushi Singh, Medha Singh in Bengaluru; Editing by Savio D'Souza and Richard Chang
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