FX.co ★ FTSE 100 Starts Week Higher

On Monday, the FTSE 100 made gains, bouncing back from a 0.7% loss observed on Friday. The recovery was primarily supported by notable upward movements among UK banks following a more favorable outcome from the UK’s motor finance investigation than initially feared. The Financial Conduct Authority suggested potential compensation figures could reach £9 billion, a relief compared to the previously feared £30 billion maximum, which had negatively influenced market sentiment. Lloyds Banking Group, significantly exposed to the inquiry, experienced a robust 7.7% increase, marking a recovery from a period of underperformance relative to its peers. Barclays rose by more than 2%, NatWest advanced over 1%, and both HSBC and Standard Chartered saw approximately a 1% increase. The mining sector also provided upward momentum as the prices of copper and gold increased, with Antofagasta rising 1.8%, Glencore up 0.7%, and Endeavour Mining climbing 1.7%. However, the index faced some resistance due to losses within the pharmaceutical sector. AstraZeneca's shares declined by over 1% following letters sent by US President Trump to 17 pharmaceutical companies, urging them to lower prices, which increased pressure across the industry.