UK's FTSE 100 hits three-week high on financials strength, falling bond yields
EWU•The FTSE 100 rose 0.73% to 10,762.01, its highest since September 23, as financial stocks gained and bond yields eased. The FTSE 250 rose 0.28%.
1. Financials lead gains
The FTSE 100 climbed to a three-week high on Tuesday, with the broader banks sector up 1.2%. NatWest advanced 2.6% after Barclays upgraded the stock to “overweight” from “equal-weight.”
2. Yields and oil fall
The UK 10-year gilt yield fell nearly 5 basis points to 5.40%, while oil prices dropped 2% on prospects of additional diesel supplies from Russia. Healthcare gained 1.7% and precious metal miners added 1.5%.
3. Company movers
BP rose 1.3% to a six-month high after estimating that third-quarter refining margins tripled from a year earlier. Melrose Industries gained 3.6% after saying its Garden Grove plant was on track to resume operations by the fourth quarter. Whitbread rose 2.2% after unveiling a five-year turnaround plan and recommending shareholders reject Corvex Management’s demand for a board seat.
