FTSE 100 Hits Record Closing High

London's FTSE 100 surged around 1% to 10,920 points on Thursday, surpassing its previous record closing high set in February. The rally came as bond yields continued to decline and oil prices hovered near two-month lows, while investors awaited the Bank of England's latest monetary policy decision. Market sentiment was also supported by a rotation away from technology stocks towards other sectors, following concerns over potential chipmaker regulations after the Democrats' victory in the US. UK policymakers are widely expected to raise interest rates for the first time since 2023, amid persistent inflationary pressures driven by soaring energy costs. However, they may seek to temper market expectations of several additional rate hikes next year. On the corporate front, Next gained around 0.5% after upgrading its sales outlook. Diageo climbed more than 3% after reporting first-quarter sales growth, outperforming analyst expectations, which had pointed to a decline.