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Britain\u2019s main stock market index has just hit a new record high, lifted by shares in oil companies and miners.<\/strong><\/p>\n The FTSE 100 shares index has just touched a new peak of 12,259 points, two points above the previous record high hit nearly two weeks ago.<\/p>\n Copper producer Antofagasta<\/strong> is leading the charge; it\u2019s up 11% today, as the copper prices has hit new record levels over $14,000\/tonne (see earlier post), and after reporting a 9% increase in quarterly copper production earlier today.<\/p>\n The jump in the oil price today has lifted Shell<\/strong> (+2.1%) and BP<\/strong> (+1.9%); they\u2019re among the larger companies on the Footsie, so are pushing the index higher.<\/p>\n Other mining stocks are also rallying, as AJ Bell<\/strong> investment director Russ Mould<\/strong> explained this morning:<\/p>\n \u201cThe FTSE 100 got off to a strong start as gold moved through $5,500 and oil ticked up amid mounting tensions between the US and Iran,<\/p>\n \u201cThe mining sector did much of the heavy lifting for the index, buoyed by a positive production update from Glencore and the impact of precious metals strength on Fresnillo and Endeavour. BP and Shell were lifted by a stronger crude oil price.<\/p>\n \u201cWall Street yesterday greeted the latest Federal Reserve decision with a shrug as interest rates were kept on hold \u2013 with much of the action coming after the market close as investors reacted to results from Tesla, Microsoft and Meta. Asian markets were more downbeat as the possibility of conflict in the Middle East was weighed up.\u201d<\/p>\n Share<\/p>\n Updated at\u00a009.20 EST<\/p>\n <\/span><\/span><\/p>\n Key events<\/p>\n <\/span>Show key events only<\/p>\n Please turn on JavaScript to use this feature<\/span><\/p>\n <\/span><\/p>\n Oil futures are extending their gains.<\/strong><\/p>\n Brent crude is now up almost 5% at $71.60 per barrel, the highest since 1 August 20205, amid rising concerns about a possible US military attack on Iran.<\/p>\n Share<\/p>\n Over on Wall Street, Microsoft\u2019s shares have opened with a bump after its latest results disappointed investors.<\/strong><\/p>\n Microsoft<\/strong> reported slowing growth in its key cloud computing business last night, which has taken the shine off forecast-beating revenue and profits for the last quarter.<\/p>\n The company also reported an increase in capital expenditure, which puts the spotlight on the high costs of AI rollout.<\/p>\n As my colleague Ed Helmore<\/strong> reported:<\/p>\n Microsoft reported revenues of $81.27bn against expectations of $80.32bn, and improved from the 12.3% increase it recorded in the same quarter last year. Earnings came in at $4.14 per share against expectations of $3.92.<\/p>\n \u201cWe are only at the beginning phases of AI diffusion, and already Microsoft has built an AI business that is larger than some of our biggest franchises,\u201d said the company\u2019s CEO, Satya Nadella. \u201cWe are pushing the frontier across our entire AI stack to drive new value for our customers and partners.\u201d<\/p>\n Investors are pushing Microsoft\u2019s shares down, though \u2013 they\u2019re off 10% at $433 in early trading, down from $481 last night.<\/p>\n They\u2019re on track for their biggest one-day drop since March 2020, when the Covid-19 pandemic rocked the markets, Reuters reports<\/em>.<\/p>\n This also knocks around $350bn off Microsoft\u2019s valuation, as the company was worth around $3.58tn yesterday.<\/p>\n Share<\/p>\n Updated at\u00a009.48 EST<\/p>\n On Iran, PVM<\/strong> analyst John<\/strong> Evans<\/strong> says:<\/p>\n \u201cThe immediate (market) concern … is the collateral damage done if Iran takes a swing at its neighbours or possibly even more tellingly, it closes the Strait of Hormuz to the 20 million barrels per day of oil that navigates it.\u201d<\/p>\n Share<\/p>\n Brent crude has now climbed above $71 per barrel, up 4% today, to its highest level since 1 August last year.<\/p>\n Share<\/p>\n Gold producers are also among the top risers on the FTSE 100, points out Fiona Cincotta,<\/strong> senior market analyst at City Index.<\/strong><\/p>\n \u201cThe FTSE is rising, outperforming its European peers, boosted by miners and oil majors, as rising commodity prices and higher earnings lift spirits.<\/p>\n With gold trading at fresh record highs of nearly 5,600, precious metal miners are outperforming. Endeavour<\/strong> trades over 5% higher, whilst Fresnillo<\/strong> is up 2.8%.<\/p>\n Gold has risen to record levels, driven by a weaker U.S. dollar, escalating geopolitical tensions, and erratic U.S. policy, which have spurred safe-haven flows.<\/p>\n Meanwhile, oil prices also jumped to 4-month highs as President Trump warned that time is running out for Iran to make a nuclear deal. Concerns that regional conflict could disrupt supply from OPEC\u2019s fourth-largest member have lifted the risk premium on oil. Oil majors are tracking oil prices higher.<\/p>\n Corporate earnings have also come through thick and fast. Antofagasta is up over 6% after the mining giant reported a modest 1.6% decline in its copper production but maintained its 2026 outlook as copper futures reached $13,934 per metric tonne.<\/p>\n Meanwhile, EasyJet, the budget airline, was also flying 2.6% higher after reiterating full-year guidance.<\/p>\n Gains in the FTSE could be limited by the strength of the pound, which trades at multi-year highs above 1.38 on U.S. dollar weakness. A strong pound results in a less favourable exchange rate for multinationals, which account for 80% of the FTSE.\u201d<\/p>\n Share<\/p>\n Britain\u2019s main stock market index has just hit a new record high, lifted by shares in oil companies and miners.<\/strong><\/p>\n The FTSE 100 shares index has just touched a new peak of 12,259 points, two points above the previous record high hit nearly two weeks ago.<\/p>\n Copper producer Antofagasta<\/strong> is leading the charge; it\u2019s up 11% today, as the copper prices has hit new record levels over $14,000\/tonne (see earlier post), and after reporting a 9% increase in quarterly copper production earlier today.<\/p>\n The jump in the oil price today has lifted Shell<\/strong> (+2.1%) and BP<\/strong> (+1.9%); they\u2019re among the larger companies on the Footsie, so are pushing the index higher.<\/p>\n Other mining stocks are also rallying, as AJ Bell<\/strong> investment director Russ Mould<\/strong> explained this morning:<\/p>\n \u201cThe FTSE 100 got off to a strong start as gold moved through $5,500 and oil ticked up amid mounting tensions between the US and Iran,<\/p>\n \u201cThe mining sector did much of the heavy lifting for the index, buoyed by a positive production update from Glencore and the impact of precious metals strength on Fresnillo and Endeavour. BP and Shell were lifted by a stronger crude oil price.<\/p>\n \u201cWall Street yesterday greeted the latest Federal Reserve decision with a shrug as interest rates were kept on hold \u2013 with much of the action coming after the market close as investors reacted to results from Tesla, Microsoft and Meta. Asian markets were more downbeat as the possibility of conflict in the Middle East was weighed up.\u201d<\/p>\n Share<\/p>\n Updated at\u00a009.20 EST<\/p>\n More Americans filed new claims for unemployment benefit than expected last week, although levels remain low by historic standards.<\/strong><\/p>\n There were 209,000 new \u2018initial claims\u2019 for jobless support, new data shows, ahead of forecasts of 205,000.<\/p>\n The previous week\u2019s total has been revised higher, from 200,000 to 210,000.<\/p>\n The initial claims total is seen as a proxy for layoffs in the US economy, so this suggests American companies are continuing to hold onto workers.<\/p>\n Claims:<\/p>\n 1\/ Initial claims a little higher at 209K (and last week revised up to 210K), but still really low – about year-ago levels and below 2024 levels, no signs of rising layoffs here. pic.twitter.com\/iSeK1U8xYN<\/a><\/p>\nOil up almost 5%<\/h2>\n
FTSE 100 hits record high<\/h2>\n