- FTSE 100 closes at record 9,578
- Wall Street opens brightly
- Gold up 1.7% after recent reversal
- LSEG up 8% after clearing deal
4.55pm: New closing high
The FTSE 100 has closed at a new record high, up about 0.7% at 9578.5 points, driven by a surge in UK energy companies after the US issued new sanctions on Russia.
Earlier in the session, the index hit an intraday high of 9594.82 points.
“Equities continue in resilient fashion despite Tesla casting a shadow yesterday, with the FTSE 100 the star of the day,” IG chief market analyst Chris Beauchamp said.
“More good UK corporate updates have combined with a solid start to earnings season overall that has allowed investors to ignore Trump's fresh threats about exports to China. This rally continues to be broader and more resilient than many think, especially since it comes with such a hefty dose of worry about a bubble.”
3.55pm: Wall Street opens in the green
The FTSE 100 remained buoyant on Thursday, but little moved by Wall Street’s upbeat start.
US stocks edged higher despite mixed corporate earnings and a sharp jump in oil prices.
In New York, the Nasdaq led with a 0.5% rise, while the S&P 500 gained 0.4% and the Dow Jones added 0.1%.
Oil markets were the main story, with Brent crude climbing nearly 5% to around $66 a barrel after Washington imposed sanctions on major Russian producers in an effort to ratchet up pressure on Moscow.
Tesla’s shares slipped about 4% after disappointing third-quarter results, while IBM fell by a similar margin despite better-than-expected profits, while American Airlines rose on strong guidance.
Investors are now eyeing Intel’s quarterly update due after the close, while talks between US and Chinese officials scheduled for Friday offered a hint of relief for jittery markets.
12.25am: Brent crude climbs to two-week high
Oil prices rose sharply on Thursday, with Brent crude up 5.3% to a two-week high of $66 a barrel, extending Wednesday’s 2.1% gain.
The move came after the US Treasury criticised what it called “Russia’s lack of serious commitment to a peace process to end the war in Ukraine”, heightening geopolitical tensions and fuelling concerns over supply risks.
BP and Shell built on earlier upward progress, rising 3.5% and 3% respectively.
Their heavyweight index ranking helped pull the 62 points higher to 9,577.
10:30am: Gold steady in Thursday morning's trade
The gold price was seen stabilising in Thursday morning trade after a sharp reversal from record highs, which marked the largest one-day drop in years.
Daniela Sabin Hathorn, senior market analyst at Capital.com, said the move had highlighted how crowded bullish positions had become. She noted that while macro factors such as policy easing and geopolitics remain supportive, investors are currently in a holding pattern and eyeing inflation numbers (among other possible triggers).
“Cross-asset direction likely hinges on when CPI lands and what the next wave of mega cap results says about margins, AI capex and 2026 growth,” she said in a note.
Oil, meanwhile, has bounced off five-month lows following a surprise US inventory draw and renewed supply-risk concerns, limiting but not reversing recent disinflation trends in energy.
Gold last traded at $4,118 per ounce, up 1.69%.
9.40am: LSEG shares enjoy some respite
It was a good day for the London Stock Exchange Group after what has been a fairly brutal year-to-date, with shares down 19% in that period amid a panoply of worries not helped by its toppy, tech-led valuation.
On Thursday, the shares rose 6% to after it announced the sale of a 20% stake in its Post Trade Solutions arm to 11 global banks for £170 million, valuing the business at £850 million. The stock had been up as much as 9% earlier in the session.
The deal strengthens LSEG’s ties with its biggest clearing clients, including JPMorgan, Barclays, HSBC, Citi and Deutsche Bank, and mirrors the partnership structure behind its LCH clearing house.
Post Trade Solutions, which helps manage risk in the uncleared derivatives market, generated £96 million in revenue last year.
As part of the transaction, LSEG will pay £1.15 billion to increase its share of profits from SwapClear, its core interest rate swaps clearing service, with potential for another £200 million if growth targets are met.
The move will cut banks’ profit share from SwapClear to 15% in 2025 and 10% thereafter.
LSEG said the deal will lift earnings per share by 2–3% next year and improve margins further in 2026. Completion is expected in 2025.
8.29am: FTSE in the green; oil stocks buoyant
The FTSE 100 rose 25 points in the first half hour of trading, buoyed by the oil stocks.
BP and Shell shares rose 3% and 2% respectively on Thursday after Washington unveiled sweeping new sanctions on Russia’s two largest oil companies, Rosneft and Lukoil, boosting crude prices.
The measures mark a sharp shift in US policy as President Donald Trump seeks to pressure Moscow into peace talks over Ukraine.
The move came a day after Trump indefinitely shelved a planned meeting with Vladimir Putin in Budapest, saying he was “tired of good conversations that go nowhere.”
While analysts expect the economic hit to Russia to be limited, the sanctions are symbolically significant: Rosneft and Lukoil together export more than 3 million barrels a day, funding what US officials called the Kremlin’s “war machine.”
Trump said the sanctions were “tremendous” and could be lifted if Russia agreed to stop the war. Treasury Secretary Scott Bessent said they were necessary due to “Putin’s refusal to end this senseless conflict.”
The UK introduced similar restrictions last week, with Chancellor Rachel Reeves declaring there was “no place for Russian oil on global markets.” Energy stocks climbed as traders bet on a tighter global supply.
Crude oil futures for December deliveries were up 3.4% at $60.46.
Elsewhere, shares in the London Stock Exchange Group were 9% higher after a deal with leading investment banks that will give them a share and say LSEG's clearing operations.
7.30am: Positive but subdued start predicted
The FTSE 100 looks set to open about 10 points higher to 9,525 this morning, helped along by firmer oil prices that could give BP and Shell a lift.
Crude jumped more than $2 overnight after US President Donald Trump slapped sanctions on Russian energy giants Rosneft and Lukoil, turning up the heat on Moscow.
The move is meant to push Vladimir Putin back to the negotiating table, while EU leaders meet today to sign off on fresh measures and debate plans to use frozen Russian assets to bankroll Ukraine’s economy for the next two years.
Brent crude now trades near $65 a barrel, while US benchmark oil is above $60.
Asian markets, meanwhile, were mostly on the back foot. Tokyo’s Nikkei slipped 1.3% as Prime Minister Sanae Takaichi prepared a chunky new stimulus package, while the yen weakened further against the dollar.
Shanghai and Hong Kong edged lower on renewed US export worries, leaving only India’s Sensex in positive territory.