The FTSE 100 index soared to a record high for the second consecutive session on Tuesday, driven by growing expectations of a Bank of England (BoE) rate cut in December and a stellar performance by pharmaceutical giant AstraZeneca. The blue-chip index closed up 1.2% at 9,899.6 points, while the mid-cap FTSE 250 also saw gains of 0.8%. AstraZeneca, Britain’s largest listed company by market value, surged 2.6%, extending its momentum from last week’s impressive quarterly results. The optimism for a rate cut was fueled by recent labor market data showing unemployment in the UK rising to 5%, the highest level in four years, alongside a continued slowdown in wage growth. Deutsche Bank’s chief economist, Sanjay Raja, noted that the cooling labor market and decelerating pay momentum should encourage the BoE’s Monetary Policy Committee to consider easing rates. In the currency market, the pound initially dipped against the dollar but later stabilized. The pharmaceutical and healthcare sectors were among the top performers, with GSK and Haleon rising 3% and 3.2%, respectively. Energy companies also saw gains, with Shell and BP climbing 2.2% and 2.6%, supported by higher oil prices due to U.S. sanctions on Russian oil. Vodafone surged 8.3% to a two-year high after raising its annual profit forecast and increasing dividends for the first time in eight years. Oxford Instruments, a scientific tools maker, experienced its largest single-day gain in nearly four years, soaring 14.9%. However, not all companies fared well; Hilton Food plummeted 22.7% to a decade-low after warning of challenging profit growth in the upcoming financial year.