FTSE 100

Key insight

The FTSE 100 is trading at a historic all-time high with strong sector breadth — mining, energy and industrials all contributing — and the BoE's rate-cutting cycle from 5.25% to 3.75% providing the macro tailwind; the path of least resistance is higher as long as 10,800 holds.

The FTSE 100 has broken to a fresh all-time high above 10,950 intraday, with blockbuster earnings from Rolls-Royce, Shell and Mondi confirming broad fundamental support above the key 10,800 breakout level.

Main risk

Middle East geopolitical escalation / Brent crude spike above $100

Brent crude spiked above $100/barrel on Iran fears as recently as July 23 — a sustained move back above that level would pressure margins across FTSE non-energy constituents and trigger risk-off selling, threatening the 10,800 support zone.