FTSE 100

Key insight

10,535 holds above the 2024 all-time high zone near 8,474 and prior 2023 peak at 8,047 — breakout is confirmed; next technical objective is 11,000 round number if global risk appetite holds into year-end.

10,535 clears the 10,500 round-number barrier with broad European risk-on tone; GBP/USD at 1.3240 limits FX drag on multinationals, keeping the bull case intact above the 200-day MA near 8,300.

Main risk

Oil at $90 & Middle East escalation

Oil -1.0% to $90.2 signals demand concern; an escalation spike could crush airline/consumer stocks and stall the FTSE's energy-heavy rebalancing.