FX.co ★ FTSE 100 Rises for 2nd Session

The FTSE 100 edged up by 0.2% on Tuesday, continuing the momentum from Monday’s 0.4% increase. This rise was primarily fueled by a notable 12% jump in Spirax stocks, following the steam flow engineering company's publication of earnings that surpassed expectations and confirmed its current outlook. Analysts at Citi described the outcome as "encouraging," suggesting potential for exceeding future forecasts, offering some much-needed confidence after several years of downturns. Miners also experienced gains due to the extension of the US–China trade truce, which raised prospects for increased metal demand. Additionally, financial institutions such as Standard Chartered and HSBC, alongside the oil giant Shell, saw their shares rise, encouraged by the improved market sentiment and higher crude oil prices. The overall appetite for risk was amplified as the truce alleviated some of the global economic uncertainties. Complementing this, the UK employment data provided further support, revealing a reduction in payrolls by just 8,000 in July, significantly better than the anticipated drop of 20,000, marking the least decline seen since January. Moreover, previous job loss figures were revised downward. Unemployment remained steady at 4.7%, while the growth in private-sector wages, excluding bonuses, slightly decelerated to 4.8% from the previous 4.9%.