FX.co ★ FTSE 100 Edges Up for 2nd Session

The FTSE 100 saw an uptick for a second consecutive session on Wednesday, bolstered by positive performances in the financial and commodity sectors. Standard Chartered experienced a substantial rise of nearly 3%, while Barclays increased by over 1.5%. HSBC, NatWest, and Lloyds each saw gains of approximately 1%. The market sentiment improved following Banco de Sabadell's decision to sell its British unit, and shares of Spectris surged 4.8% after KKR proposed a bid of £40 per share, surpassing Advent's previous offer of £37.63. Additionally, oil giants Shell and BP rose by 0.7% and 2.1%, respectively, and mining companies such as Glencore (2%), Antofagasta (1.6%), Anglo American (1.2%), and Rio Tinto (1.1%) made gains. On the political front, the government's welfare reform bill passed, though Prime Minister Keir Starmer was compelled to remove the most contentious proposal — the limitation of disability benefits— due to opposition from Labour MPs. This amendment reduced the government's projected savings by approximately £5 billion. While this decision may have implications for gilts due to its fiscal impact, the pound remained relatively stable following the vote.