# FTSE 100 rises on peak rate bets; Smurfit Kappa slumps on WestRock deal
Author: Pal sinha, Barnali
Author URL: https://startupobserver.com/author/pal-sinha-barnali/
Published: 2023-09-12
Category: Headlines
Category URL: https://startupobserver.com/category/headlines/
Meta Title: FTSE 100 Rises on Peak Rate Bets; Smurfit Kappa Slumps on WestRock Deal
Meta Description: Stay updated on UK's FTSE 100 index, Bank of England interest rates, and Smurfit Kappa-WestRock merger impact. Get the latest financial news with Reuters.
URL: https://startupobserver.com/ftse-100-rises-on-peak-rate-bets-smurfit-kappa-slumps-on-westrock-deal/

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(Reuters) – UK’s FTSE 100 index inched higher on Tuesday after labour data signalled that the Bank of England might be nearing the end of its interest rate hike cycle, although a slump in packaging producer Smurfit Kappa’s shares capped gains.

The exporter-heavy FTSE 100 index was up 0.1% in early trade, while the mid-cap FTSE 250 index was muted.

Britain’s unemployment rate rose to 4.3% in the three months to July from 4.2% a month earlier, while wages excluding bonuses were 7.8% higher than a year earlier and in line with economists’ forecasts in a Reuters poll.

The sterling edged lower against the dollar after the unemployment data.

Shares of Associated British Foods rose 0.9%, among the top gainers on the benchmark index, after the Primark owner raised its full-year profit outlook for the second time in four months.

London-listed shares of Smurfit Kappa slumped 11% after the company agreed to combine with WestRock, to create one of the world’s largest paper and packaging producers worth nearly $20 billion.

(Reporting by Siddarth S in Bengaluru; Editing by Rashmi Aich)


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