Published by Global Banking and Finance Review
Posted on February 10, 2025
(Reuters) - London's blue-chip FTSE 100 closed at an all-time high on Monday, boosted by oil major BP, while a rise in precious metal miners also powered gains on the index.
The FTSE 100 index rose 0.8%, closing at a new record high start to the week, while the domestically focused FTSE 250 midcap index advanced 0.9%.
Heavyweight BP topped the FTSE 100 index, gaining 7.4%, its biggest daily gain in two years, after investor Elliott Management built a stake in the oil major, also expected to press for changes in strategy and the board.
The energy sector rose about 2.1%, as oil prices ticked higher globally, coming off of three straight weeks of declines. [O/R]
Precious metals & mining saw a 3.6% increase, as gold prices continued its record run on safe-haven demand after U.S. President Donald Trump's tariff move amplified trade war and inflation concerns. [GOL/]
Drax gained about 3.8% after the Britain's largest renewable power generator stuck a deal with the UK government to halve its subsidies over 2027-2031.
The pan-European STOXX 600 index ended 0.6% higher, as investors looked past Trump's move to announce an additional 25% tariff on all steel and aluminium imports into the U.S., and plans for other reciprocal tariffs this week. [.EU]
On the macroeconomic front, British investors this week await GDP estimates for December, preliminary Q4 figures, and industrial and manufacturing output for December.
Bank of England policymaker and monetary policy committee member Catherine Mann, known as the most hawkish voice on the committee, is set to deliver a speech at 1730 GMT. Her insights come just after the central bank's decision last week to trim interest rates by 25 basis points.
Meanwhile, all eyes will also be on BoE Governor Andrew Bailey, who is slated to speak on Tuesday.
U.S. Federal Reserve Chair Jerome Powell will appear before the House of Representatives on Tuesday and Wednesday, where the impact of tariffs on policy will be a hot-button issue.
(This story has been refiled to add dropped words in paragraph 3)
(Reporting by Pranav Kashyap and Sanchayaita Roy in Bangalore; Editing by Vijay Kishore)
Explore more articles in the Finance category
