The FTSE just hit its highest level since January 2000. Here's what you need to know

Peter Spence
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The FTSE 100 hit 14 year highs this morning (Source: Getty)

Traders are shrugging off concerns about tensions over Ukraine, and instead riding the momentum from yesterday's record-setting US session.

London's leading index, the FTSE 100, is currently trading at its highest level since January 2000. More broadly European shares have risen to a six-year high after that US rally.

Yesterday saw the Dow Jones and S&P500 set higher bench marks, as the Dow passed the 16,600 level. IG's Alastair McCaig says that the gains show "any fears that weather disruptions would derail the US markets are quickly being consigned to the bin."

In the UK, British Retail Consortium figures, the strongest since May 2011, have also helped to push stocks higher. Melrose Industries, Barratt Developments, and Persimmon are the FTSE 100's top performers in early trading.

Traders haven't got much left on today's macroeconomic calendar until this afternoon. Then investor focus will be directed on key retail sales figures from the US.

To set an all-time record, the FTSE 100 will have to trade above 6950.6, a level last seen on 31 December 1999.

Source: Google Finance