FTSE 100 notches fourth straight day of gains as oil slides on US-Iran deal hopes
EWU•The FTSE 100 rose 0.3% to 10,761.33 on Monday, its fourth straight day of gains, while the FTSE 250 climbed 1.4%. Oil prices fell 7.5% to around $104 a barrel as talks between Iran and Qatar raised hopes of an end to the US-Iran war.
1. UK shares rise
The FTSE 100 gained 0.3% to 10,761.33 points, and the FTSE 250 rose 1.4% to 24,795.85. The energy sector fell 3.3% as oil prices slumped 7.5%; travel and leisure, construction and materials, and consumer products and services led broader gains.
2. Rate decision ahead
Investors were awaiting the Bank of England’s decision on Thursday. The central bank was widely expected to raise rates by 25 basis points, its first increase in three years, after higher-than-expected September inflation and data showing British manufacturers’ strongest output growth in more than two years in October.
