Commodities, banks lift London's FTSE 100 in big week for central banks

UK's benchmark FTSE 100 index advanced on Tuesday, lifted by commodity and banking stocks, while global markets remained cagey in a busy week for global central bank meetings. 15, because of the national mourning after the death of Queen Elizabeth, is also due this week, with traders seeing a 75% likelihood of a 75 basis point hike. Rate-sensitive banks climbed 1.4%.


Reuters | London | Updated: 20-09-2022 12:48 IST | Created: 20-09-2022 12:47 IST
Commodities, banks lift London's FTSE 100 in big week for central banks
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UK's benchmark FTSE 100 index advanced on Tuesday, lifted by commodity and banking stocks, while global markets remained cagey in a busy week for global central bank meetings. The FTSE 100 gained 0.9% at 0707 GMT, after a day off to mark Queen Elizabeth's funeral.

Miners added 1.4%, tracking firm metal prices on hopes that top consumer China would ease COVID-19 curbs further. Oil majors BP and Shell rose more than 1% each in early trading.

Market sentiment, however, remained cautious ahead of the U.S. Federal Reserve's Sept. 20-21 policy meeting, as traders positioned themselves for a rising interest rate environment in the world's largest economy. The Bank of England's policy decision that got pushed back to Sept. 22 from Sept. 15, because of the national mourning after the death of Queen Elizabeth, is also due this week, with traders seeing a 75% likelihood of a 75 basis point hike.

Rate-sensitive banks climbed 1.4%. The domestically focussed mid-cap index edged 0.2% higher, with holiday group TUI AG among its best performers as it gained 3.4% after reiterating it expects to return to profitability this year.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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