Miners support FTSE 100 as investors eye key events
Miners support FTSE 100 as investors eye key events Updates to markets close
Aug 24 (Reuters) - The UK's FTSE 100 index edged higher on Monday, as miners helped offset geopolitical tensions, while investors braced for big-ticket events that could set the tone for global markets in the near term.
The blue-chip FTSE 100 index .FTSE rose 0.4% to 10,854.32 points, while the midcap FTSE 250 .FTMC was flat at 24,717.48 points.
Investors are awaiting details on new U.S. sanctions targeting Iran's trade partners by calling it "the greatest financial offensive ever", which could disrupt crude supplies from the Middle East.
U.S. Treasury Secretary Scott Bessent is due to hold a press conference later in the day to outline the sanctions. Washington says Iran must relinquish its control over the vital Strait of Hormuz, a route that once carried a fifth of global supplies.
Oil prices CLc1, LCOc1 eased ahead of the announcement, dragging down British energy major BP BP.L by 2.9%. O/R
On the flipside, miners Rio Tinto RIO.L and Anglo American AAL.L gained 0.3% and 1.3%, respectively, as a weaker U.S. currency supported metal prices. MET/L
This week, investors will keep a close watch on chipmaker Nvidia's NVDA.O earnings, seen as a major test of the AI rally that has been a key driver pushing stocks to record highs.
U.S. Federal Reserve Chairman Kevin Warsh's debut speech at the annual Jackson Hole conference this week will also be on traders' radar as they seek guidance about the recent jump in bond yields and monetary policy outlook.
Consumer stocks British American Tobacco BATS.L, Diageo DGE.L and Unilever ULVR.L were higher, offering support to the main index.
Shell SHEL.L has drawn interest from potential bidders, including ExxonMobil XOM.N and LyondellBasell LYB.N, for its U.S. chemical assets that could fetch up to $8 billion, the Financial Times reported. Shell's stock dipped in line with oil prices.
Shares of transport tech company Tracsis TRCS.L rose 4.7% after raising its full-year forecasts.
(Anand Gopal and Sruthi Shankar in Bengaluru; Editing by Nivedita Bhattacharjee and Sharon SingletonSharon SingletonBhattacharjee)