Investors ramp up bets on Bank of England rate hikes

LONDON, May ​12 (Reuters) - Investors ⁠increased their bets ​on the Bank of ​England ‌raising rates in ⁠the coming months as ⁠global markets ​responded to the latest increase in tensions in the ​Strait ‌of Hormuz and as Prime Minister Keir Starmer ​was battling to stay ‌in power.

UK rate futures on Tuesday ‌pointed to around 68 basis points of BoE policy ​tightening by December - approaching a ‌full pricing of three quarter-point rate hikes - up ⁠from ⁠about 56 ‌bps on Monday.

Investors were pricing three ​European ​Central Bank ‌rate hikes this year.