The FTSE 100 surged past 10,400 points as Brent crude fell below $90 per barrel amid geopolitical optimism, despite data showing a 0.1% UK economic contraction in April. Financial and industrial stocks led gains as easing oil prices boosted market risk appetite, though the index later saw a slight dip to 10,476. Additionally, UK inflation held steady at 2.8%, lowering expectations for imminent Bank of England interest rate hikes.
London's blue-chip index fell as concerns over Labour party leadership weighed on sentiment, neutralizing the boost from stronger-than-expected retail data.
Read the full storyThe London benchmark held steady at 10,476 as UK inflation remained at 2.8%, prompting markets to price out further BoE interest rate hikes.
London's blue-chip index rose on Tuesday as strength in financial and industrial sectors, coupled with lower oil prices, improved overall market risk appetite.
The UK index climbed 148 points on peace deal hopes, overcoming data showing a 0.1% economic contraction in April as oil prices fell.