UK's FTSE 100 nears 6-month high as Powell signals slower hikes

UK's FTSE 100 index climbed towards a six-month high on Thursday, extending a strong performance from last month, as investors seized on hints that the U.S. Federal Reserve will scale back the pace of its interest rate hikes.

The blue-chip index (.FTSE) edged up 0.2% by 0814 GMT, holding near its strongest level since June 8, although sluggish oil stocks (.FTNMX601010) limited further gains.

Wall Street's main indexes rallied overnight, with the benchmark S&P 500 (.SPX) closing 3% higher, after Fed Chair Jerome Powell opened the door to a slowdown in the pace of monetary tightening.

Bucking the positive mood, oil stocks (.FTNMX601010) fell 1.5% as crude prices dipped with uncertainty lingering ahead of Sunday's OPEC+ meeting.

Shares of education group Pearson (PSON.L) fell 3.5% after Exane BNP Paribas downgraded the stock rating to "neutral" from "outperform".

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