FTSE 100 up despite Asia-focused financials falls
The FTSE 100 rose 0.3% to 10,360.32 on Thursday despite declines in Asia-focused financials and oil majors, while Brent crude fell to $94.88 per barrel amid Middle East war tensions. Asia-focused banks and insurers dropped, with Prudential falling 7.2% and HSBC sliding 2.2%, due to stricter Chinese capital outflow regulations.
London’s FTSE 100 closed 0.3% higher at 10,360.32 on Thursday, shrugging off weaker oil majors and Asia-focused financial stocks. Oil prices dropped to $94.88 per barrel, pressuring BP and Shell, which fell 1.2% and 1.5% respectively. The broader FTSE 250 gained 0.5%, while the AIM All-Share rose slightly to 808.26. Asia-focused financials led losses, with Prudential plummeting 7.2% and HSBC and Standard Chartered declining 2.2% and 3.2% after reports of tightened Chinese capital controls. Beijing’s new regulations, effective July 1, have restricted mainland residents from opening offshore accounts in Hong Kong banks. The pound remained stable at $1.3436, while the US 10-year Treasury yield dipped to 4.47%. European markets saw modest gains, with the CAC 40 up 1.2% and the DAX 0.6%. Meanwhile, the S&P Global construction PMI fell to 38.2 in May, marking the steepest contraction since March 2009. Gold rose to $4,471.69 per ounce, and the euro strengthened against the dollar to $1.1624. The Nasdaq dipped 0.2%, while the Dow Jones climbed 1.8%, reflecting mixed global sentiment amid geopolitical tensions in the Middle East.
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