The FTSE 100 closed 0.6% higher at 8,605 on Monday, the highest in over one month, and benefiting from a global equity rally amid optimism over US-China trade policy.
The US and China agreed to a 90-day tariff reduction, with the US cutting tariffs on Chinese products from 145% to 30%, while China will lower duties on US imports from 125% to 10%.
Miners led the gains as the improvement in China’s manufacturing outlook supported both ferrous and base metals, with Rio Tinto, Glencore, Anglo American, and Antofagasta adding between 7% and 3.5%, although precious metal miners lost due to the lower appeal for safety.
In the meantime, financials with exposure to Asia also rose, with Prudential and Standard Chartered jumping 9% and 4.5% while HSBC jumped nearly 4% to become London’s largest market cap.
On the other hand, pharmaceuticals underperformed on US President Trump’s signals to lower drug prices.
