Bloomberg News

U.K. Stocks Extend Rally After Central Banks Lower Swap Rates

November 30, 2011

Nov. 30 (Bloomberg) -- U.K. stocks extended gains after the Federal Reserve and five other central banks agreed to lower interest rates on dollar swaps.

The FTSE 100 Index jumped 2.3 percent to 5,461.12 at 1:04 p.m. in London, extending the gain this week to 6.3 percent.

The Fed, The Bank of Canada, Bank of England, Bank of Japan, European Central Bank and Swiss National Bank agreed to reduce the interest rate on dollar liquidity swap lines by 50 basis points and extend their authorization through Feb. 1, 2013.

To contact the editor responsible for this story: Sarah Jones at sjones35@bloomberg.net


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