The FTSE 100 is expected to join a wave of rises in global stocks ahead of a first interest rate cut in the eurozone in five years.

The UK’s blue chip index is on track to rise by 0.3pc when trading begins amid a sea of gains for shares around the world.

The European Central Bank is expected to lower interest rates from their record highs of 4pc to 3.75pc at a meeting today, after inflation was brought down to normal levels.

It follows an interest rate cut by the Bank of Canada on Wednesday and economic data indicating the US economy is cooling, which has boosted hopes of a rate cut by the US Federal Reserve in September.

Asian markets rose overnight, while the S&P 500 and Nasdaq Composite rose to record highs on Wall Street on Wednesday.

Read the latest updates below.