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City news.

The ftse 100 Index surged to a new five-year high today as world markets cheered signs that US interest rates may be near their peak.

Shares in Wall Street shot up yesterday on the back of the guidance from the Federal Reserve, despite the impact of soaring oil prices.

The London market welcomed the news today despite a poor performance from Associated British Foods, and was rising in early trading.

Analysts will be watching the Bank of England's minutes for an idea of whether an interest rate cut this side of the Atlantic is also imminent.

Despite the general optimism, stock in British Sugar and Silver Spoon owner Associated British Foods slumped 4pc or 35.5p to 807.5p after it said profits were under pressure. The food and retail group warned earnings would continue to be hit in the second half and through next year.
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Title Annotation:Business
Publication:Evening Gazette (Middlesbrough, England)
Date:Apr 19, 2006
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