FTSE 100

Key insight

10,426 cash close confirms break below 50-day MA (~10,500); IG futures at 10,471 offer mild relief but gilt yields near 6% and U.S.-Iran tension cap any durable recovery.

30-yr gilt yield pierced 6% (Feb 1998 high) today; FTSE cash closed –1.68% at ~10,426 before paring losses — financials HSBC –3.7%, StanChart –3.5% led declines.

Main risk

UK 30-yr Gilt Yield at 28-yr High

Yield touched 6.0% intraday — highest since Feb 1998 — pulling income flows from equities into bonds and raising BoE hike expectations further.