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London Markets: FTSE 100 rebounds from 10-month low after Wall Street rallies

U.K. stocks advanced for the first time in seven sessions, rebounding from a 10-month low after U.S. bourses ended an extremely volatile session with their biggest gains in years.

Home builders took part in the London rally on Wednesday, even after a downbeat report on the U.K. housing market in January.

What are markets doing?

The FTSE 100 index UKX, +0.66% rose 0.5% to 7,173.70, after closing at its lowest level since April last year on Tuesday.

The pound GBPUSD, -0.4301% fell to $1.3918 from $1.3950 late Tuesday in New York.

What is driving the market?

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