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FTSE 100 Pauses On Fed Fretting

FTSE 100 excelled most of its European peers in strong showing at the bourses as markets worldwide debate on when and how the Fed will usher in a tapering regime for its monetary stimulus programs. Market sentiment soared as news emerged of Ladbrokes-owner Entain plc receiving a fresh takeover offer from US based sports betting company Draftkings. Evergrande relief too added to the positive sentiment.

The FTSE 100 is currently trading at 7079.74, up 1.42 percent or 98.76 points from previous close. At this level, the benchmark is 1.94 percent below the 52-week high of 7220.14.

The day's trading has been in the range of 6980.98 and 7079.75.

Only 12 scrips in the 101-scrip index are still trading lower than Tuesday's levels.

Entain is FTSE 100's best performer in the day with a gain of 7.17 percent after it received an offer at 46 percent premium to its closing price on Monday.

Mining stock Antofagasta surged more than 5 percent as Evergrande default tensions eased, restoring expectations of continuing iron ore, coal and copper demand from China.

Standard Chartered, HSBC Holdings, Anglo American, Glencore, and Flutter Entertainment have rallied more than 4 percent.

Severn Trent declined most with a 2 percent slide. Kingfisher extended losses in Wednesday's trading as well declining around 1.9 percent. United Utilities Group, Hikma Pharmaceuticals, National Grid and Auto Trader Group are also notably lower.

Lloyds Banking group is the most active scrip with a turnover of 45 million.

The GBPUSD pair has dipped to 1.3633 from 1.3659 at close on Tuesday as the greenback remains resilient in the run-up to Fed's announcements on tapering of monetary stimulus.

Yields on U.K.'s ten-year bonds have edged down to 0.7985 percent from Tuesday's close of 0.8080 percent reflective of lingering interest rate tightening anxieties ahead of Fed's interest rate decision later in the day and Bank of England's monetary policy review on Thursday.

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