FTSE 100 jumps to new record high as investors shrug off tariff woes
The UK's top stock index jumped by as much as 100 points, or 1.1%, to a new intraday record of 8,967.21 points, surpassing the previous high of 8,908.82 set in March.
Mining and commodity stock particularly helped drive the sharp rise, as investors shrugged off concerns that US tariff rules could contribute to a global recession.
Anglo American, Glencore and Rio Tinto were among the top risers on the FTSE 100 as a result.
Meanwhile, the FTSE 250 index and AIM 100 index were also higher, rising 0.32% and 0.24% respectively during early trading due to the wave of positive sentiment.
Analysts have partly linked the uplift to dismissing recent US tariff announcements as 'noise' after a number of policy reversals by US President Donald Trump.
Dan Coatsworth, investment analyst at AJ Bell, said: 'Investors lapped up shares in the mining, oil and pharmaceutical sectors, showing a risk-on mood.'
'European markets in general continue to shrug off Donald Trump's daily tariff updates, perhaps seeing them as noise and not facts.
'Trump is throwing out numbers left, right and centre, and investors have begun to dismiss anything that isn't set in stone.'
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: 'The FTSE 100 is stuffed full of multinationals which are sensitive to the outlook for the world economy and with the so-called 'TACO trade' (Trump Always Chickens Out) in full swing, it's benefiting from more optimism around.
'Investors expect that Trump will 'chicken out' from imposing his threat.
'Miners have roared back to life, topping the index; copper prices have hit record levels, which will benefit major producers in the short-term, while fears about a longer-term tax on imports appear to be receding.'
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