FTSE 100

Key insight

10,900 round number acting as pivot — break above 11,000 opens fresh record territory; failure here and a close below 10,750 (50-day MA) would signal distribution.

Flat at 10,899 — FTSE holds near all-time highs despite S&P 500 slipping 0.3% and Nasdaq -1.5%, supported by oil at $89.2 (+1.9%) boosting energy heavyweights.

Main risk

GBP/USD at 1.3307 & BoE policy path

Stronger GBP compresses FTSE earnings — 70%+ of FTSE 100 revenue is overseas; BoE hold at 4.75% keeps cable bid near 1.33.