The FTSE 100 has hit the highest level on record, driven by surging mining stocks despite Trump's threatened 50% tariff on all copper imports.
Both the FTSE 100 and bitcoin hit their highest levels on record on Thursday and the dollar recovered lost ground on other currencies, suggesting investors are not fazed by his latest threatened round of tariffs.
London’s blue-chip index jumped by 1.23%, or 108.64 points, to setting a closing value record earlier this week of 8,975.66.
And this morning it has risen again, hitting 8,981.23 shortly before publishing.
The Times reports Rio Tinto, the miner, was the biggest riser on the FTSE 100 on Thursday, up by 4%, or 171p, to 4,447½p. Glencore, another miner, followed in a close second, rising by 3.94%, or 11¾p, to 309.95p. Anglo American also increased by 3.78%, or 82p, to 2,252p.
It reported that Kathleen Brooks, research director at XTB, an investment platform, said that the “counter-intuitive” rally in mining stocks was triggered by Trump providing “very little concrete details about how [copper] tariffs will be applied, which is why we are seeing [miners] steal the spotlight: investors expect Trump to backtrack”.
FTSE 100
The UK's flagship share index, the FTSE 100, was up 48 points at 8,981 shortly after opening this morning.
Brent crude oil futures were up 0.16% at $68.90 a barrel.