FTSE 100

Key insight

The FTSE 100 is in price-discovery mode above the prior 2026 range, with record highs driven by commodity-sector earnings tailwinds and a supportive BoE at 3.75%; the key test is whether the index can hold above 10,877 on a closing basis and push through the 10,950 ATH resistance.

FTSE 100 printed a fresh all-time high of 10,950.32 on July 30, driven by earnings beats from Rolls-Royce, Shell and Mondi, and is consolidating just below that record ahead of the Friday session open.

Main risk

Middle East geopolitical escalation (US-Iran tensions)

Renewed US-Iran tensions risk a spike in Brent crude above $100/bbl, which historically pressures non-energy FTSE 100 sectors and consumer confidence, even as it briefly supports oil majors like Shell and BP.