# FTSE 100 rises on peak rate bets; Smurfit Kappa slumps on WestRock deal Author: Pal Sinha,Barnali Author URL: https://economystandard.com/author/pal-sinha-barnali/ Published: 2023-09-12 Category: Headlines Category URL: https://economystandard.com/category/headlines/ Meta Title: FTSE 100 Rises on Peak Rate Bets; Smurfit Kappa Slumps on We Meta Description: FTSE 100 inches higher on labor data signaling potential end to rate hike cycle for Bank of England. Smurfit Kappa's shares drop on WestRock deal. URL: https://economystandard.com/ftse-100-rises-on-peak-rate-bets-smurfit-kappa-slumps-on-westrock-deal/ ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qsu1py003nwirgoap5agsl/images/2023-09-12t073604z1lynxmpej8b067rtroptp4britain-stocks-1737055085089-compressed.jpg) ## 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) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---