FTSE 100 climbs to three-week high as financial stocks lead gains
Britain's blue-chip stocks advance on Tuesday, with the FTSE 100 reaching its highest level in three weeks as financial shares strengthen and bond yields ease. Lower oil prices also improve risk appetite, while gains in healthcare, mining and selected corporate names add to the broader market move.
Highlights
- FTSE 100 rises 0.73% to 10,762.01 by 10:23 a.m. GMT, hitting a three-week high as financial stocks and lower gilt yields drive gains.
- NatWest jumps 2.6% after Barclays upgrades to 'overweight', and BP climbs 1.3% to a six-month high on strong refining margins for Q3.
- Melrose Industries surges 3.6% on Garden Grove plant reopening plans, while Whitbread gains 2.2% after unveiling a five-year turnaround strategy.
Financials and lower yields support market rally
As reported by Reuters, the FTSE 100 rises 0.73% to 10,762.01 points by 10:23 a.m. GMT, its highest level since September 23, while the midcap FTSE 250 adds 0.28%. The move comes as the broader banks sector gains 1.2% and UK 10-year benchmark gilt yields fall nearly 5 basis points to 5.40%.NatWest advances 2.6% after Barclays upgrades the stock to "overweight" from "equal-weight". Oil prices also drop 2% on prospects of additional diesel supplies from Russia, helping sentiment across risk assets.
The International Monetary Fund says Britain needs to keep deficit reduction on track. In a note, Ruth Gregory, deputy chief UK economist at Capital Economics, says John Healey will opt for a compromise Budget on Wednesday, October 28, with limited implications for the economy and the markets.
Company updates lift broader sectors
Outside the banking sector, BP rises 1.3% to a six-month high after the energy group estimates its third-quarter refining margins triple from last year.Melrose Industries leads FTSE 100 gainers with a 3.6% rise after the GKN Aerospace owner says its Garden Grove plant in California is on track to resume operations by the fourth quarter. Whitbread, the owner of Premier Inn, climbs 2.2% to its highest level since March after unveiling a five-year turnaround plan and recommending that shareholders vote against activist investor Corvex Management's demand for a board seat.
Among other sectors, healthcare gains 1.7%, while precious metal miners add 1.5% as gold and silver prices move higher.
In our earlier article on investors positioning for U.S. big-bank earnings and a heavy week of inflation data, we noted that expectations for strong profit growth were supporting equities even as chip-sector weakness weighed on momentum. We also highlighted how moves in oil and bond yields, together with upcoming CPI, PPI and retail-sales releases, were central to market expectations for the Federal Reserve’s next policy steps.
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