Britain’s FTSE 100 edged higher on Monday, buoyed by financials and medical equipment stocks as investors looked ahead to crucial US inflation data and UK GDP readings due this week for fresh insight into the economic outlook.
The blue-chip FTSE 100 index rose nearly 1% to 10,656.28 points, while the midcap FTSE 250 climbed 0.47%.
Oil prices jumped 2% to $106.76 a barrel, hovering near two-week peaks, as attacks on Saudi Arabia outweighed prospects of higher supplies from Russia and a Russia-Ukraine ceasefire on energy facilities.
Attention will also be on UK Finance Minister John Healey’s meetings with foreign counterparts on his first trip to the International Monetary Fund’s annual meetings this week
Healey faces pressure ahead of his first annual budget on October 28, with higher borrowing costs and an estimated £36 billion fiscal gap to address
“I will work with our international partners to keep trade moving, support families and businesses, and make Britain’s economy stronger and more resilient,” Healey said ahead of his address at the IMF meetings later this week
Upper Crust chain owner SSP Group shares fell 2.2% after brokerage Berenberg cut target price to £225 from £245
Burberry shares rose 1.9% after retailer Frasers increased its stake in the luxury brand to 7.42% from 6.32%
Financial stocks were among top gainers: HSBC Holdings, Standard Life, Lloyds Banking Group, Barclays, NatWest, Standard Chartered gain between 1.7% and 2.3%
Medical equipment and services shares rose 2.75%
Market participants are awaiting US inflation data due on Wednesday, while UK GDP figures for August are scheduled for release on Thursday