FTSE Futures experienced an uptick on Thursday, reflecting a wider trend across Europe following the U.S. Federal Reserve’s initial interest rate cut of the year. Attention now shifts to the Bank of England’s rate decision anticipated later in the day. The blue-chip FTSE 100 gained 0.4% by 0915, with gains in business information group RELX and aircraft engine maker Rolls-Royce among the top boosts.

The UK’s midcap index opened with a 0.3% increase, buoyed by a notable 13.1% rise in Jupiter Fund Management following an upgrade in its rating by brokerage Peel Hunt from “add” to “buy”. The personal goods sub-sector was among the top gainers, up 1.9%, with shares of luxury firm Burberry advancing 3.1%. Precious metal miners were the laggards, down 2% as gold prices came off their record highs. European stock markets experienced gains following the Federal Reserve’s anticipated reduction of interest rates by 25 basis points, with indications that further cuts may be implemented to address the ongoing deterioration in the labor market.

The attention now turns to the Bank of England’s rate decision at 1200, where the central bank is largely anticipated to maintain its primary lending rate at 4%. Inflation remains elevated, preventing policymakers from indicating any potential for additional cuts. “Markets should expect steady rates into the new year unless there’s a decisive downward break in the data,” stated Nigel Green. Data released earlier this week indicated that British inflation in August was recorded at 3.8% on a yearly basis, marking the highest rate among major advanced economies.

Among other top movers on Thursday, Next dropped 4.2% after the fashion retailer struck a cautious tone on the trading outlook, despite reporting a near 14% increase in first-half profit. Pets at Home has experienced a decline of 14.4% following the announcement of its CEO’s departure and a reduction in its annual profit forecasts.