*

FTSE 100 up 0.64%; FTSE 250 gains 0.5%

*

AstraZeneca ( AZN ) gains after drug meets late-study goals

*

Associated British Foods ( ASBFF ) up after stock upgrade

*

Focus on inflation, jobs data later this week

(Updates with market closing prices)

July 14 (Reuters) -

The UK's FTSE 100 closed at a fresh record high as investors

grew hopeful of future interest rate cuts by the Bank of

England, while AstraZeneca's ( AZN ) shares gained following positive

drug trial results.

The blue-chip FTSE 100 rose 0.6% to close at 8998.06

points, nearing the 9000-points mark, while the domestically

oriented FTSE 250 index added 0.5%.

AstraZeneca ( AZN ) climbed 2% after the pharmaceutical giant

said its experimental drug baxdrostat succeeded in lowering high

blood pressure in a late-stage study of people whose condition

was hard to control or treat.

Associated British Foods ( ASBFF ) rose 2% after brokerage Panmure

Liberum upgraded the retailer's stock to "buy."

Britain's labour market cooled sharply in June and the number of

people available for work jumped at the fastest pace since the

COVID-19 pandemic, according to data also watched by the Bank of

England.

The BoE is expected to cut interest rates next month for the

fifth time since last August, with traders betting on an 89%

chance of a 25 bps reduction, as per data compiled by LSEG.

The country's inflation figures and employment data later this

week are likely to offer fresh cues on the central bank's rate

path.

Investors will look out for fresh notes on the nation's

fiscal health when finance minister Rachel Reeves, alongside BoE

Governor Andrew Bailey, gives the annual Mansion House speech to

London's financial sector on Tuesday.

The commodity-heavy FTSE 100 touched fresh peaks last week

as U.S. President Donald Trump's plans to impose tariffs on key

trading partners, as well as copper prices, sent commodity

prices higher, in turn lifting miners such as Glencore ( GLCNF )

and Rio Tinto.

The European Union accused the U.S. of resisting efforts to

agree a trade deal and warned of

countermeasures

if no deal was struck to avoid the "absolutely

unacceptable" 30% tariffs Trump has threatened to impose from

August 1.

Among other stocks, Ashmore gained 1.4% after the

emerging markets-focussed asset manager reported slower

quarterly net outflows.

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