But sterling falls from its highest level since the Brexit vote to $1.4191
Footsie climbed into the positive territory today and global stocks also hit a near four-week high amid strong US first-quarter earnings.
The UK’s blue-chip index closed 0.4 per cent higher at 7,226.05 points after lower-than-expected inflation data. However, sterling retreated from its highest level since the Brexit vote to $1.4191.
The top index of euro zone stocks rose 0.2 per cent, having touched its highest since Feb. 5, when a spike in volatility amplified a sell-off in global equity markets.
“The FTSE 100 has gone from the back of the pack to the market leader, as a sharp deterioration in U.K. inflation has driven the pound sharply lower,” said Joshua Mahony, market analyst at IG, in a note.
“The outperformance of the pound has certainly been one of the main determinants of FTSE 100 underperformance among European bourses, yet with GBPUSD falling almost 100 points in the wake of today’s inflation figures, we are finally seeing the FTSE benefit from the pound’s performance,” he added.