Omnis market update 31 July

The FTSE 100 rallied midweek, propelled by positive corporate earnings, although it handed back those gains as concerns about US regulation weighed on tobacco shares and index heavyweight AstraZeneca’s share price fell following the failure of a drug trial. Sterling hit a 10- month high against the dollar as the Federal Reserve (the Fed) hinted at a slower pace of interest rate hikes, but it weakened against the euro as the European Central Bank edged closer to raising rates and winding down quantitative easing.

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