FTSE 100 Rises the Most since May
The FTSE 100 climbed 1.9% on Wednesday, its strongest daily gain since May 6, as investor sentiment improved following the Democrats’ victory in both chambers of the US Congress in the midterm elections. Banks led the rally, with HSBC surging nearly 5% and Lloyds, Barclays and Standard Chartered gaining around 4% each. Consumer, healthcare and mining stocks also advanced. Among individual stocks, Marks & Spencer rose more than 6% after reporting first-half sales ahead of expectations, while Smith & Nephew gained over 6% despite lowering its full-year guidance. In contrast, defence stocks and oil majors underperformed. BAE Systems fell more than 3%, while Shell and BP lost 1.6% and 2.7%, respectively, as crude prices slumped on reduced expectations of further US strikes against Iran. Weir dropped nearly 10% despite maintaining its outlook. Investors now turn to Thursday’s Bank of England decision, with a rate increase widely expected.
The FTSE 100 climbed 1.9% on Wednesday, its strongest daily gain since May 6, as investor sentiment improved following the Democrats’ victory in both chambers of the US Congress in the midterm elections. Banks led the rally, with HSBC surging nearly 5% and Lloyds, Barclays and Standard Chartered gaining around 4% each. Consumer, healthcare and mining stocks also advanced. Among individual stocks, Marks & Spencer rose more than 6% after reporting first-half sales ahead of expectations, while Smith & Nephew gained over 6% despite lowering its full-year guidance.
In contrast, defence stocks and oil majors underperformed. BAE Systems fell more than 3%, while Shell and BP lost 1.6% and 2.7%, respectively, as crude prices slumped on reduced expectations of further US strikes against Iran. Weir dropped nearly 10% despite maintaining its outlook. Investors now turn to Thursday’s Bank of England decision, with a rate increase widely expected.