FTSE 100 Rides High Amid Political Turmoil and Market Surges
The FTSE 100 reached new heights on Monday, buoyed by mining stocks, despite political turbulence and NatWest's dip following its acquisition of Evelyn Partners. Meanwhile, economic indicators and political shifts, including possible changes in UK leadership, loom large over financial markets.
The FTSE 100 index saw an uptick on Monday as mining stocks rallied, overshadowing a decline in NatWest shares after its acquisition of wealth manager Evelyn Partners. The index rose by 0.16%, nearing last week's peak figures, with the FTSE 250 midcap index climbing 0.57% as well.
Wall Street recalibrated positively following last week's concerns about artificial intelligence hampering software and data service business models. Precious metals miners listed in London surged by 5.3% as gold prices soared, with copper prices also climbing, boosting industrial metal miners by 3.8%.
In political news, UK Prime Minister Keir Starmer's chief of staff, Morgan McSweeney, resigned after a controversial advisory decision. The political pressure mounts on Starmer, exacerbated after public unapproval due to recent policy reversals. Economic experts forecast a leadership change could impact currency value and bond yields, amid a recent narrow Bank of England vote on interest rates.
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