""London's FTSE 100 has scaled fresh heights as its defensive qualities shine once again in an uncertain world. "Investors are grappling with the fallout from a tech sell-off and are assessing deteriorating relations between the US and Iran. The Footsie hit fresh record levels in early trade, as investors sought solace in its constituents with mining, utilities and energy stocks making gains."
"After a US fighter jet shot down a drone in the Arabian Sea, it's creating nervousness about the eventual outcome as tensions remain high between Washington and Iran. Oil prices have shifted higher as supply concerns are back in focus in the Middle East, with the benchmark Brent Crude, trading around $67 a barrel. This is giving support to energy giants on the FTSE 100 in early trade."
"Speciality insurer Beazley is leading the FTSE 100 pack after terms were agreed for an £8 billion takeover by insurance giant Zurich. It shows how UK companies hold allure, given they are still considered to be undervalued compared to overseas peers. The exit of another big name from the blue-chip index will be a blow to the City. With global whales swallowing big fish in the UK pond, it limits available listed assets for funds."
FTSE 100 reached fresh record highs as investors moved into defensive sectors amid global uncertainty. Mining, utilities and energy stocks made gains while tech stocks faced a sell-off. A US fighter jet shooting down a drone in the Arabian Sea heightened tensions with Iran and pushed oil prices higher, supporting energy giants as Brent crude traded near $67 a barrel. Gold and silver rallied, with gold above $5,000 an ounce and silver around $90.4 an ounce. Beazley agreed an £8 billion takeover by Zurich, reducing listed UK blue-chip assets and boosting private-market appeal. Companies showed hesitancy to spend despite ongoing AI developments.
Read at London Business News | Londonlovesbusiness.com
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