FTSE 100

Key insight

The FTSE 100 is printing all-time highs today — a record confirmed intraday at 10,950.32 — making the 11,000 psychological round number the next obvious magnet, but the Bank of England rate decision today is the single biggest near-term binary risk.

The FTSE 100 has broken above its prior all-time high of 10,934.94 and is trading at a fresh record of 10,946.60, powered by blockbuster earnings from Rolls-Royce, Shell and Mondi alongside broad commodity strength.

Main risk

Bank of England Rate Decision — July 30

A hawkish hold or surprise 25bp hike by the BoE (current rate 3.75%) could trigger GBP strength and a profit-taking selloff just as the index hits all-time highs above 10,950.