At the close: FTSE 100 shaping up for an impressive week
We're just over half way through but UK markets seem to have a spring in their step this week as they closed even higher today on the back of "buying frezny".
The FTSE 100 popped up another 0.7 per cent to 6,262.85 – the bluechip's highest close since the end of April.
Banks once again led the charge as investors think the looming rate hike means they're good value. Royal Bank of Scotland (RBS) climbed 4.8 per cent to 256.90p, its highest close since February, Standard Chartered was also up 3.7 per cent, with HSBC and Barclays hot on their tails.
Read more: Sterling could lose its reserve currency status after Brexit
Marks and Spencer was where the rot was, however, plunging by more than 10 per cent to 399.30p off the back of some very poor results for last year.
In Europe, equities performed even stronger, picking up after the latest Greek debt deal was agreed between finance ministers in the early hours of this morning. The German Dax added 1.5 per cent to stand at 10,208.31, while the Cac 40 in Paris was 1.13 per cent higher at 4,481.
The States inherited the feel-good factor, with the Dow Jones, S&P 500 and Nasdaq all up by more than 0.5 per cent in the first few hours of trading. As David Buik, market commentator at Panmure Gordon said: "The Dow was up 165 points and beautiful downtown Manhattan looked not only very picturesque but also on good terms with itself."
The pound, however, once again, was were the action was, as sterling made a surge throughout the day – standing 0.5 per cent up against the dollar at more than $1.47, and comfortably above the €1.31 mark as well.
"Stock markets have built on yesterday’s gains, turning Tuesday’s spike into something more concrete and indicating that investors appear to be growing more comfortable with the idea of an interest rate hike in the US," said Chris Beauchamp, senior market analyst at IG, summing up the day's performance.