(Reuters) -London's benchmark FTSE 100 rose on Monday, coming within spitting distance of a record high, after global risk appetite was boosted by reports Iran was seeking a truce with Israel. The
FTSE 100 Climbs Near Record High Amid Iran-Israel Truce Talks
(Reuters) -London's benchmark FTSE 100 rose on Monday, coming within spitting distance of a record high, after global risk appetite was boosted by reports Iran was seeking a truce with Israel.
The blue-chip FTSE 100 closed up 0.3% at 8,875.22 points, and came within a couple of points of its intraday record high of 8,908.74 points on March 3.
The midcap FTSE 250 gained 0.5%.
Ladbrokes owner Entain jumped 15.3%, the stock's biggest percentage gain since September 2021, after its U.S. sports-betting joint venture, BetMGM, raised its annual revenue and core earnings forecast.
The travel and leisure subindex surged 3.3%.
U.S. stock indexes rebounded sharply as reports said Iran is seeking an end to hostilities with Israel, raising the possibility of a truce and easing fears of a disruption to crude supplies from the region.
Oil prices surged over 7% on Friday and global stocks tumbled after Israel began bombing Iran, fuelling fears of a major disruption to energy infrastructure.
Focus this week will shift to monetary policy meetings of the Bank of England and the U.S. Federal Reserve, with both expected to keep interest rates on hold.
After the BoE eased rates in May, investors will look for hints on whether a slowing economy and weaker wage growth could speed up the pace of easing.
"The risks are skewed towards a more dovish voting split," Shaan Raithatha, senior economist in Vanguard's Investment Strategy Group said, expecting BoE policymakers Swati Dhingra and Alan Taylor to dissent and vote for a cut.
In London, Metro Bank Holdings hit a more than two-year high and led gains on the midcap index after a report of takeover approach from private equity firm Pollen Street Capital. Shares of the British lender were up 18.4%.
The precious metal miners' subindex fell the most among sectors, down 3%, tracking lower gold prices. [GOL/]
In the backdrop of geopolitical worries and global economic uncertainties, leaders from the Group of Seven nations begin annual talks on Monday in Canada. The summit is seen as a vital moment to try and restore a semblance of unity between democratic power houses.
(Reporting by Medha Singh and Sanchayaita Roy in Bengaluru; Editing by Leroy Leo and Chris Reese)
