FTSE 100

Key insight

10,874 sits in no-man's land: 200-day MA at ~10,650 provides floor, but 11,000 psychological ceiling caps upside. Need a catalyst — BoE pivot signal or commodity rebound — to break either side with conviction.

10,874 holds flat as FTSE diverges from S&P 500's +0.8% — energy drag from Brent -1.7% offsets defensive bid; index stalls just below 11,000 round-number resistance.

Main risk

Brent Crude -1.7% on session

Oil at $97.6 (-1.7%) hits FTSE energy heavyweights Shell and BP directly; energy is ~10% of index weight, dragging index even as US equities rally.