UK's FTSE 100 rises ahead of key Federal Reserve speech

The FTSE 100 rose on Wednesday, helped by consumer discretionary and energy stocks, though investors were cautious ahead of U.S. Federal Reserve Chair's speech later in the day.

The blue-chip FTSE 100 (.FTSE) gained 0.3% by 0821 GMT and was on track for its best month in two years.

Consumer discretionary shares like Flutter Entertainment (FLTRF.L) gained 2.1% after JP Morgan raised the company's price target.

Energy stocks (.FTNMX601010) took an early lead, gaining 0.2% as crude oil prices climbed on falling U.S. crude inventories and a weaker greenback.

A dip in the U.S. dollar turns commodities cheaper for foreign currency holders.

All eyes were on Fed Chair Jerome Powell's speech on the economic outlook and the labour market at a Brookings Institution event later in the day, where investors looked for clues about the central bank's future monetary policy path.

The domestically-focused FTSE 250 midcap index (.FTMC) climbed 0.3%.

Among single stocks, Home REIT Plc (HOMEH.L) gained 7.5% after the housing provider for the homeless said it was financially sound, dismissing allegations about its finances raised by a short-seller.

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