FTSE 100 Hits 10,701 Four-Month High as US-Iran Peace Hopes Cut Oil
Updated
Updated · The Guardian · Jul 3
FTSE 100 Hits 10,701 Four-Month High as US-Iran Peace Hopes Cut Oil
2 articles · Updated · The Guardian · Jul 3
Summary
Britain’s FTSE 100 rose 0.4% to 10,701, its highest level since March 3 and the strongest level since the first week of the Iran war.
US-Iran peace hopes helped drive the gain by pushing oil prices lower, while weaker-than-expected US jobs data eased fears of further Federal Reserve rate increases.
AJ Bell said the labor report points more to a Fed pause than to rate cuts, a shift still supportive for equities.
Fresnillo climbed 2.5%, Weir Group 2% and SSE 1.8% as investors rotated out of chip stocks and into London’s more traditional 'old economy' names.