The Bank of England is “almost certain” to cut interest rates next month after Britain’s economy shrank for a second month in a row. Money markets have priced an 89pc chance that members of the Monetary Policy Committee will vote to reduce the Bank Rate from 4.25pc to 4pc at their next meeting in August.

The chipmaker extended its winning streak to a seventh consecutive week — and the 11th in the last 12 — nearly doubling its share price from early April lows in just over three months.

Wall Street indexes closed higher on Wednesday, fueled by Federal Reserve meeting minutes indicating potential rate cuts and Nvidia's market value hitting $4 trillion.

President Donald Trump on Tuesday said Chairman Jerome Powell to resign immediately, and renewed his calls for the central bank to lower interest rates.

U.S. stocks hit new highs as strong jobs data boosts confidence in the economy, pushing back expectations for a Fed interest rate cut in July.

NEW YORK (AP) — U.S. stocks climbed further into record heights on Thursday after a report showed the U.S. job market looks stronger than Wall Street expected. The S&P 500 rose 0.8% and set an all-time high for the fourth time in five days. The Dow Jones Industrial Average added 344 points, or 0.8%, and the Nasdaq composite gained 1%.

The S&P 500 gained 51.94 points, or 0.83%, to 6,279.36 and the Nasdaq Composite gained 207.97 points, or 1.02%, to 20,601.10. The Dow Jones Industrial Average rose 344.11 points, or 0.77%, to 44,828.53.

The value of the pound slipped further despite Sir Keir Starmer’s assurances that Rachel Reeves will remain as Chancellor “into the next election”.

Wall Street stocks pushed into new record territory on Monday amid optimism the United States would reach trade deals ahead of a self-imposed deadline next week and extend tax cuts.

The Australian sharemarket closed higher on Wednesday after retail sales rose less than expected in May, cementing expectations for another rate cut as soon as next week.