FTSE 100 Reaches All-Time High Boosted by Miners, Industrials Ahead of BoE Decision
Market Performance and Key Sector Movements
July 30 (Reuters) - London's FTSE 100 hit another intraday record high on Thursday, lifted by miners and industrial stocks, as investors assessed escalating tensions in the Middle East ahead of the Bank of England's monetary policy decision.
The blue-chip FTSE 100 index rose 0.4% to an all-time peak of 10,950.32 points by 0943 GMT, while the midcap FTSE 250 climbed 0.4%.
Sector Highlights
Miners and Metals
• Precious and industrial metal miners gained 1.5% and 1.9%, respectively, tracking gains in copper prices, and steady prices of bullion. [MET/L] [GOL/]
Aerospace, Defence, and Industrials
• Aerospace and defence firms were the top sectoral gainers, up 3.6%, on a 5.6% boost from Rolls-Royce after the engineering company raised its full-year outlook far beyond market expectations.
• Paper and packaging firm Mondi surged 15.2%, on track for its sharpest one-day jump since March 2009 after its first-half results which powered the FTSE 350 General Industrials sector to its highest level since March 2025.
Industrial Support Services
• On the flip side, industrial support services slipped 2.5%, weighed down by a 17.3% slump in Rentokil, set for its biggest one-day loss since September 2024 after the pest control firm flagged weakness in its North America business.
Energy and Commodities
• Energy stocks gained 0.4% as Brent crude topped $90 a barrel after the U.S. military struck dozens of targets in Iran.
Global Monetary Policy Context
U.S. Federal Reserve
• A divided U.S. Federal Reserve left interest rates unchanged on Wednesday even as chief Kevin Warsh pledged an unwavering commitment to bring inflation down, a message that left markets confused about just what he was prepared to do.
Bank of England Decision
• Later on, the Bank of England will release its monetary policy statement, with markets widely expecting the central bank to hold interest rates steady.
• Markets are pricing in a 25-basis-point rate hike and about a 50% chance of a second similar increase by the end of 2026, according to LSEG-compiled data.
(Reporting by Purvi Agarwal in Bengaluru; Editing by Devika Syamnath)
