FX.co ★ FTSE 100 Rebounds on Thursday

The FTSE 100 experienced an uptick on Thursday, rebounding from the previous day's declines. This recovery was prompted by Prime Minister Keir Starmer and Chancellor Rachel Reeves, who reassured the markets of their dedication to fiscal responsibility and economic stability. Their statements restored confidence across UK investments, resulting in gains for both gilts and the pound. However, a stronger-than-anticipated US jobs report curbed some of these gains. The UK’s private sector activity also surpassed initial estimates in June, further bolstering market sentiment. Notably, shares of Lloyds Banking and Barclays increased by 3.2% and 2%, respectively. Additionally, British American Tobacco and Relx saw advances. In contrast, shares of AstraZeneca declined by over 1.5% following news of its advanced negotiations with Summit Therapeutics for a potential $15 billion lung cancer drug licensing deal. This arrangement may include a substantial initial payment and subsequent milestone payments, but other pharmaceutical companies are reportedly also in talks with Summit.