UK's FTSE 100 hits three-month high, eyes gains in rollercoaster month
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FTSE 100 up 0.3%, FTSE 250 up 0.2%
Aug 30 (Reuters) -UK's main stock index hit a three-month high on Friday, set to eke out gains for the topsy-turvy month, with bank shares in the lead ahead of crucial global economic data that could shed further light on the pace of rate cuts by top central banks.
The blue-chip FTSE 100 index .FTSE was up 0.3% as of 0706 GMT, on track for its second straight monthly gain and third consecutive weekly advance.
The domestically-focused mid-cap FTSE 250 .FTMC rose 0.2%, but eyed a monthly decline.
The pharmaceutical sector .FTNMX201030 was the top monthly sectoral gainer, while personal goods .FTNMX402040 shares were the worst hit.
On the day, lenders Close Brothers Group CBRO.L and HSBC HSBA.L steered the banks index .FTNMX301010, rising 0.8% to the top of the bourse, while telecommunication .FTNMX151020GBPT and media stocks .FTNMX403010 were the biggest laggards.
August marks a turbulent month for financial markets globally as concerns over a likely U.S. recession rocked risky assets, with unwinding of yen-funded carry trades also elevating market volatility. However, relief trickled in eventually as the Federal Reserve hinted at an imminent interest rate cut.
The focus now turns to the U.S. inflation report, which is keenly monitored by the Fed, and the euro zone's flash inflation data, both due later in the day.
As for monetary policy bets, the Bank of England is seen keeping interest rates high for longer than in the U.S. and the euro zone. While the Fed and the European Central Bank are expected to cut in September, the BoE is seen holding rates, LSEG data showed.
Back home, house prices unexpectedly fell by 0.2% on-month in August but were 2.4% higher than a year earlier, Nationwide Building Society data showed.
Reporting by Ankika Biswas in Bengaluru; Editing by Sonia Cheema
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