FX.co ★ FTSE 100 Rises on Monday

On Monday, the FTSE 100 experienced a rise of over 0.5%, aligning with a global market recovery boosted by progress in averting a U.S. government shutdown. However, the UK's index trailed behind its European counterparts due to the absence of major tech companies that were propelling the broader rally. Instead, support came from heavyweight financial and energy entities like HSBC and Shell, in addition to a notable surge in Diageo shares. The beverage conglomerate's stock rose approximately 7% following the appointment of former Tesco chief executive Dave Lewis as its new CEO, a decision analysts view as an opportunity for a cultural shift amid challenging times for the business. Precious metals saw a resurgence as traders shifted attention from U.S. political concerns to the increasing likelihood of a Federal Reserve rate cut in the coming month. This uplift in gold and silver prices benefited mining companies such as Fresnillo and Endeavour, which saw their shares rise by approximately 5% and 4%, respectively. Counterbalancing some of these gains were declines in defensive stocks, with National Grid dropping 1.4% and BT decreasing by 2%, as SSE considered funding strategies for its grid and renewables projects.