FTSE 100

Key insight

The FTSE 100's mining-led rally — with Antofagasta +3.5%, Anglo American +2.5% — signals a commodity cycle rotation that could carry the index toward the 11,000 psychological round-number resistance, especially if the US-Iran diplomatic thaw keeps oil in check and supports risk appetite.

The FTSE 100 is holding above the key 10,857 prior session close and testing the 10,932 intraday high breakout zone, underpinned by broad-based earnings beats from HSBC and BP and a mining sector surge of 2–3.5%.

Main risk

AstraZeneca Merger Overhang & Pharma Sector Drag

AstraZeneca, one of the FTSE 100's largest constituents by weight, dropped over 6% on Monday on Bristol Myers Squibb merger rumours, and any renewed selling or deal confirmation could subtract significant index points from the 10,893 current level.