UK's FTSE 100 steadies after worst week since April as miners gain
EWU•The FTSE 100 rose 0.19% to 10,481.20 points on Monday after its steepest weekly drop since April, while the FTSE 250 fell 0.32%. Precious-metal miners gained as gold and silver prices rose.
1. UK market moves
The FTSE 100 rose 0.19% to 10,481.20 points at 1018 GMT on Monday, steadying after its steepest drop since April last week. The FTSE 250 dipped 0.32% to 24,114.77 points. Precious-metal miners rose 0.55% as spot gold gained 0.35% and silver rose 2.06%.
2. Oil and rate outlook
Brent crude futures dipped 0.19% to $102.04 a barrel in choppy trading after Middle East exports increased and G7 nations pledged to boost supplies. A survey showed British services firms reported stronger cost pressures in September as fuel prices surged. Traders saw a nearly 95% chance of a rate hike at the Bank of England's next meeting in November. Pantheon Macroeconomics economists wrote that energy prices had risen too sharply for the Monetary Policy Committee to wait and hope second-round effects did not materialise.
3. Company moves
Ithaca Energy rose 3.5%, the FTSE 100's top gainer, after agreeing to acquire Suncor Energy's offshore oil assets for $842 million in upfront cash. Investment firm 3i Group hit its lowest level since late June and was last down 4.4%.
