# FTSE 100 rises on peak rate bets; Smurfit Kappa slumps on WestRock deal
Published: 2023-09-12
Category: Headlines
Category URL: https://wealthtribune.com/category/headlines/
Meta Title: FTSE 100 Rises on Bank of England Rate Bets
Meta Description: Get the latest updates on UK's FTSE 100 index as it inches higher on labor data hinting at end of interest rate hike cycle. Stay informed on Smurfit
URL: https://wealthtribune.com/ftse-100-rises-on-peak-rate-bets-smurfit-kappa-slumps-on-westrock-deal/

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## FTSE 100 rises on peak rate bets; Smurfit Kappa slumps on WestRock deal   (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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