Wall Street’s main stock indices hit record highs again on Thursday as the FTSE 100 ( ^FTSE ) and European stocks pushed higher on Thursday as the Bank of England (BoE) cut interest rate s for the second time this year.

The Bank’s monetary policy committee (MPC) voted by a majority of 8–1 to reduce Bank Rate by 0.25 percentage points, from 5%. Catherine Mann preferred to maintain Bank Rate at 5%, but was outvoted.

It is the first announcement since the UK government unveiled their budget last week, and comes as CPI inflation and wage growth continue to cool.

Meanwhile, UK gilts have continued to sell off , with the spread of 10-year gilt yields over bunds widening by +5.4bps on Wednesday to 215bps. This is the widest closing level since September 2022 , in the week immediately after the “mini-budget” that triggered market turmoil when Liz Truss was prime minister.

Read more: UK house prices hit record high in October

Elsewhere, the US Federal Reserve is also set to reveal its latest interest rate decision on Thursday evening, just a day after Donald Trump won the US presidential race .

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