UK's FTSE 100 rises as oil stocks gain; key announcements in focus

According to Business Recorder, London's FTSE 100 gained 0.55% to 10,708.76 points by 0959 GMT on Monday, while the midcap FTSE 250 slipped 0.4% to 23,878.45. Investors moved into defensive areas such as healthcare and consumer staples as crude prices advanced roughly 3% after fresh strikes on Saudi facilities and Gulf shipping routes. Shell and BP each rose about 1.1%, and energy stocks overall were up 1.1%.

GSK jumped 3.7% after reporting encouraging results on two lung cancer drugs, Jideytro and Ris-Rez, while pharma stocks rose 2.7% as a group. Consumer-facing sectors including personal care, drugs and grocery and beverages added 2.6% and 2.8% respectively. Technology shares told a different story, with the FTSE 350 tech sector up 3.9% even as Nasdaq futures slipped 1.8% after AI lab chiefs urged slower development of the technology.

Ahead of the Bank of England rate decision, which is widely expected to leave rates on hold, UK employment and inflation reports are due this week. The US Federal Reserve announces its decision on Wednesday, and CME FedWatch data show traders pricing an 88.5% likelihood of a 25-basis-point increase. GlobalData was the biggest decliner in the FTSE 250, falling 22% after signalling slower annual revenue growth than previously expected.