FTSE 100 rises as financial and healthcare stocks lead gains

what happened

According to Newsmetry API, Britain’s FTSE 100 gained nearly 1% on Monday to reach 10,656.28 points. Financial companies and medical equipment stocks supported the benchmark as investors awaited US inflation figures and UK GDP data for further clues on the economic outlook. The mid-cap FTSE 250 rose 0.47%.

Oil prices climbed 2% to $106.76 a barrel, remaining close to two-week highs. Attacks on Saudi Arabia outweighed expectations for increased Russian supplies and the prospect of a Russia-Ukraine ceasefire covering energy facilities.

Investors are also watching UK Finance Minister John Healey’s talks with foreign counterparts during his first visit to the International Monetary Fund’s annual meetings. Ahead of his first annual budget on October 28, Healey faces pressure from higher borrowing costs and an estimated £36 billion fiscal gap. SSP Group, owner of Upper Crust, fell 2.2% after Berenberg reduced its target price to £225 from £245. Burberry rose 1.9% after Frasers lifted its stake from 6.32% to 7.42%. HSBC Holdings, Standard Life, Lloyds Banking Group, Barclays, NatWest and Standard Chartered gained between 1.7% and 2.3%, while medical equipment and services stocks advanced 2.75%.

why it matters

Market attention is split between oil-market developments, the UK government’s fiscal position and upcoming data releases. US inflation is due on Wednesday, followed by UK GDP figures for August on Thursday.

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