FTSE 100 Climbs to Record High Amid Energy Stock Gains and Beazley Surge
The UK's FTSE 100 reached a record high, driven by energy stocks and insurer Beazley, amid anticipation of the Bank of England's monetary policy decision. Gains in the blue-chip index were bolstered by rising crude prices. Investor focus remains on European software amid AI model concerns.
The UK's FTSE 100 hit an unprecedented high on Wednesday, buoyed by strong performances in energy stocks and insurer Beazley. This surge came ahead of the Bank of England's anticipated decision on monetary policy later this week.
The index showed a 1.4% increase, reaching 10,457.84 points by 1155 GMT. Energy stocks experienced a 2% rise, driven by escalating crude prices linked to ongoing geopolitical tensions between the US and Iran.
Meanwhile, Beazley saw a remarkable 8.7% jump, topping the FTSE 100 following an agreed takeover proposal by Switzerland's Zurich Insurance. Despite positive movements, European software stocks remain under scrutiny due to recent AI model updates casting doubt on business model sustainability.
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