FTSE 100

Key insight

The FTSE 100 is only 1.3% from its all-time high of 10,934.94 — a clean break above that level would open a structurally new chapter for UK equities, but the index must first absorb a packed macro week including the Fed and BoE decisions.

FTSE 100 at 10,792 is trading within striking distance of its all-time high at 10,934.94, with a US-Iran ceasefire pause, falling oil prices, and Chancellor Healey's fiscal reassurances all fuelling renewed risk appetite.

Main risk

US-Iran conflict re-escalation and Brent crude spike above $100

A breakdown of the weekend ceasefire pause could reverse the 5-8% oil price decline that has been the primary tailwind today, spiking energy costs and crushing consumer/transport-heavy FTSE constituents.