Stock analysis posts tagged "UK markets" from Openbook.
UK inflation at 3.5% took away the rate-cut cushion, and London's refuge trade broke: the FTSE 100's first weekly fall in three weeks, down about 2%.
Tokyo fell 4.9% in a session and Seoul 6.12%, yet the FTSE 100 closed Thursday at 10,840.35, its highest since 26 August. Composition, not optimism.
Gilts touched 6% and Brent hit $105.60, yet the FTSE 100 still finished the week about 0.9% higher. Friday's miner-led rally did all of the work.
A 30-year gilt yield above 6%, a 1.68% Thursday rout and a badly missed US jobs report: the week London's bond market, not its politicians, set the agenda.
London's week in review: the FTSE 100 gained 64 points, yet the gilt market and a $7 round trip in Brent crude, not company results, decided the path.
Oil opened London's week above $108, but it was the Bank of England's decision to stop selling long-dated gilts that moved the FTSE 100 most.
Brent rose 13% to a four-month high of $109.97 and the FTSE 100 fell five sessions running. What our daily London notes flagged, and how the week resolved.
Oil rose 8% and gilt yields touched their highest since 2008, yet the FTSE 100 closed at 10,823.71 — barely moved. The four London sessions, reviewed.