FTSE 100 touches fresh record on oil lift; eyes on Fed, BoE
Market Highlights and Key Drivers
July 29 (Reuters) - London's FTSE 100 touched an intraday record high on Wednesday, driven by a surge in oil stocks following renewed conflict in the Middle East, while investors awaited interest rate decisions from the Federal Reserve and the Bank of England.
The blue-chip FTSE 100 index closed up 0.34% at 10,908.41 points. It made a new peak of 10,951.06 points earlier in the session.
The midcap FTSE 250 inched down 0.03% to 23,996.81 points.
Sector Performance
Energy Stocks Surge
• Energy stocks jumped 2.9% as oil prices rose nearly 7% as major airstrikes resumed in the Middle East and dashed hopes for an imminent end to the U.S.-Israeli war with Iran. [O/R]
Central Bank Decisions in Focus
Federal Reserve Policy Outlook
• The Federal Reserve is seen as more likely to leave interest rates steady at 1800 GMT on Wednesday, though a growing number of its policymakers fret openly about inflation and the outcome is uncertain because of the no-guidance regime adopted by U.S. central bank chief Kevin Warsh.
Bank of England Announcement
• The Bank of England is due to announce its decision on Thursday, when it is widely expected to keep interest rates steady.
Company Earnings and Movers
Positive Earnings Surprises
Standard Chartered
• In a busy earnings day, Standard Chartered climbed 2.8% after the bank posted a forecast-beating first-half profit and lifted its full-year income target.
Glencore and Rio Tinto
• Glencore climbed 2.8% after the miner reported a 15% increase in first-half copper production, while Rio Tinto gained 1.6% after reporting a 43% jump in half-year underlying earnings.
Greggs
• Greggs rallied 18.5% to the top of the midcap index after Britain's biggest fast-food chain reported a 20% rise in first-half profit.
Negative Movers
Aberdeen Group
• Aberdeen Group fell 4.5%, making it the worst performer in the blue-chip index, after the asset manager reported first-half net outflows of £3 billion ($4 billion).
(Reporting by Tharuniyaa Lakshmi and Sruthi Shankar in Bengaluru; Editing by Vijay Kishore and Alison Williams)
