Banks, miners lift London's FTSE 100 after slump

UK's FTSE 100 rose on Thursday on gains in banking and mining stocks, while oil major Shell ticked higher after naming renewables boss Wael Sawan as its new chief executive. The more domestically oriented FTSE 250 gained 0.2%. Shell rose 0.4% on naming Wael Sawan, its head of integrated gas and renewables division, as chief executive to replace Ben van Beurden, who will step down at the end of this year.

UK's FTSE 100 rose on Thursday on gains in banking and mining stocks, while oil major Shell ticked higher after naming renewables boss Wael Sawan as its new chief executive. The blue-chip FTSE 100 rose 0.5% at 0706 GMT after two sessions of sharp losses following hot U.S. inflation reading that raised bets for more aggressive monetary policy tightening in the world's largest economy and sparked a global equities sell-off.

Traders see a 70% chance of a 75 basis point interest rate hike to 2.5% by the Bank of England on Sept. 22. Rate-sensitive banks gained 1% in early trade.

Mining stocks advanced 0.9% as worries about supply disruptions due to Europe's ongoing power crisis kept metal prices elevated. The more domestically oriented FTSE 250 gained 0.2%.

Shell rose 0.4% on naming Wael Sawan, its head of integrated gas and renewables division, as chief executive to replace Ben van Beurden, who will step down at the end of this year.

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