FTSE 100 hits 2-1/2-week high as China eases COVID-19 curbs

By 0708 GMT, the blue-chip index FTSE 100 climbed 0.9% to its highest since June 10, while mid-cap FTSE 250 rose 0.5%. Lifting investor appetite, China authorities said the country will halve to seven days its COVID-19 quarantine period for visitors from overseas, with a further three days spent at home. The UK insurer index edged 2.4% higher after finance minister Rishi Sunak said on Monday the state wants to reform insurer solvency rules quickly.

UK's FTSE 100 index on Tuesday hit its highest level in more than two weeks, with commodity stocks leading the gains, as China's decision to ease some COVID-19 restrictions boosted risk sentiment. By 0708 GMT, the blue-chip index FTSE 100 climbed 0.9% to its highest since June 10, while mid-cap FTSE 250 rose 0.5%.

Lifting investor appetite, China authorities said the country will halve to seven days its COVID-19 quarantine period for visitors from overseas, with a further three days spent at home. Industrial metal and mining stocks gained 3.2%, while oil majors added 2.2% as metal and crude prices gained on hopes of a revival of demand from the world's second-biggest economy.

Oilfield services provider Petrofac Ltd gained 5% and said its half-year trading was in line with expectations as an upswing in oil prices raised demand. The UK insurer index edged 2.4% higher after finance minister Rishi Sunak said on Monday the state wants to reform insurer solvency rules quickly.