FTSE 100 Live: Stocks jump in best streak since May; Vistry, Melrose lead risers
Welcome back to the City AM FTSE 100 liveblog.
The blue-chip index jumped on Tuesday to extend its best winning streak since May. Melrose Industries led the FTSE 100 after the completion of a probe into a chemical incident in California, while Vistry gained 18 per cent on the FTSE 250 after winning cash in Andy Burnham’s housing blitz.
Investors have broadly brushed off US Treasury Secretary Scott Bessent’s threats of an “onslaught” of new economic sanctions against Iran and countries which refuse to cut ties with it.
Despite promising ahead of the announcement to set out his plans to deliver “economic D-Day,” Bessent stopped short of enacting any big new penalties on Iran or its trading partners. The Trump administration instead said it has expanded the definition of “Iran-related conduct” which it could sanction in the future.
Susannah Streeter, Wealth Club’s chief investment strategist, said: “Markets are in wait-and-see mode, as stricter US sanctions on Iran take hold and investors wait for the latest snapshot of demand for AI infrastructure from tech giant Nvidia.
“The FTSE 100 looks set to continue to grind higher, extending its run as heavyweight miners bolster the blue-chip index. The London market is proving remarkably resilient given the cocktail of geopolitical tensions, stubborn inflation concerns and uncertainty over the path of interest rates.”
The price of Brent crude – the international benchmark for oil – fell more than two per cent to just below $92 per barrel on Monday.
In domestic news, Prime Minister Andy Burnham fuelled speculation that he will raise taxes at October’s Budget after he told ITV News that he “won’t be unrealistic” about the state of the public finances.
We’ll be bringing you the latest market updates and analysis.
Jump straight to:
- 9:18am: Melrose Industries leads blue-chips after probe closed
- 8:42am: Housebuilder shares soar as Burnham hands out £10bn housing grants
- 8:01am: FTSE 100 jumps on open
- 7:42am: Insurer Chesnara takes profit boost from HSBC deal
- 7:08am: US threatens Iran with ‘greatest financial offensive ever’