The FTSE 100 rose 0.8% on Monday, rebounding from a 1.5% drop on Friday as weaker oil prices eased worries about stubborn inflation and bolstered global risk appetite. Crude extended its decline for a fourth straight session on hopes of diplomatic progress in the Middle East ahead of this week’s UN meeting.
Banks led the advance, with HSBC up 1.7%, Barclays 1.8%, Lloyds Banking Group 1.1%, NatWest 1.5% and Standard Chartered 1.8%. Mining stocks also gained as copper prices rose on expectations of tighter supply and evidence of resilient Chinese demand, lifting Antofagasta by 3.5% and Anglo American by 2.6%.
JD Sports added 0.8% after unveiling a long-term franchise partnership with Mexico’s Grupo Axo, marking its first move into the Mexican market. By contrast, oil majors retreated as crude slid to its lowest level in several weeks, with BP down 3% and Shell off 1.3%.
