Miners leap on China's surprise interest rate cut

And lo it came to pass. The Bank of England has created an extra £50bn out of thin air. But for the second month in a row, at the exact same moment, its announcement has been trumped by the People's Bank of China, which cut interest rates 31 basis points to 6%, and deposit rates by 25bps to 3% over fears of the economy continuing to slow. While it might appear that the FTSE 100's leap by 32 points, 0.6%, to 5716 after midday is related to the BoE's decision, on closer inspection the jump is more likely down to China's surprise rate cut. A glance at the biggest risers following both announcements show the miners were the biggest gainers, as investors hope the Chinese decision will encourage spending by the raw-material-loving Far East giant. Vedanta Resources, up 26.5p, 2.8%, at 968.5p; Anglo American, up 54p, 2.5% at £21.94; Kazakhmys, up 18p, 2.4%, at 769p; and Rio Tinto, up 73.5p, 2.3%, at £32.17, all entered the top ten risers after the announcements for the first time today.