The FTSE 100 index is set to make a swift return towards record territory after IG Index futures forecast a rise of 58 points at the opening bell. The gain follows yesterday’s advance of 53 points to 8623 as the top flight clawed back earlier losses caused by America’s 25% trade tariffs on Mexico and Canada. The record high is 8692.

British stocks were set to fall for the third straight session on Wednesday, as a stronger pound put pressure on the export-heavy index, while caution prevailed ahead of the Bank of England's rate decision.

The move has, at least in part, been driven by a recalibration of bets on BOE easing. Around 85 basis points of cuts are now priced in for the year, starting with a move today. That’s more than double the level seen less than a month ago.