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Europe: Stocks rally at open

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[LONDON] Europe's main stock markets rallied at the start of trading on Thursday, with Frankfurt back above 10,000 points for the first time since Britain voted to exit the EU.

All eyes were on London after the appointment of a new British finance minister and as traders wait to see if the Bank of England will cut its main interest rate to a new record-low level under 0.50 per cent.

At the open, London's benchmark FTSE 100 index gained 0.8 per cent to 6,721.87 points compared with the close on Wednesday.

In the eurozone, Frankfurt's DAX 30 jumped 1.3 per cent to 10,058.49 points and the Paris CAC 40 won 0.9 per cent to 4,335.26.

The Bank of England announces its latest monetary policy decisions on Thursday, with markets betting that it could cut its interest rate and announce more cash stimulus to support the British economy in the wake of Brexit.

Britain's new Prime Minister Theresa May meanwhile on Wednesday appointed Philip Hammond as finance minister, replacing George Osborne.

AFP