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FTSE 100 rebounds after sell-off FTSE 100 rebounds after sell-off
(about 4 hours later)
Shares rose in early trade as investors welcomed a cooling in rhetoric between the US and North Korea. Shares rose on Monday as investors welcomed a cooling in rhetoric between the US and North Korea.
The UK market had fallen sharply at the end of last week as tensions appeared to escalate, with Donald Trump saying the US military was "locked and loaded" to deal with North Korea.The UK market had fallen sharply at the end of last week as tensions appeared to escalate, with Donald Trump saying the US military was "locked and loaded" to deal with North Korea.
But on Monday, the FTSE 100 index was up 28.35 points at 7,338.31. But by midday, the FTSE 100 index was up 45.34 points at 7,355.30.
Banks saw some of the biggest gains, with Standard Chartered up 3.1% and Royal Bank of Scotland 1.5% higher. On a quiet day for company news, broker recommendations were behind some of the biggest changes.
"The markets have opened with an eerie note of calm at the start of a fresh week, as the US-North Korea tensions stalled over the weekend," said Kathleen Brooks, research director at City Index. Travel firm Tui was the biggest riser on the FTSE 100, up 5% after Credit Suisse changed its rating on the stock to "neutral" from "underperform".
"The fact that we didn't see an escalation in the rhetoric from either side over the weekend could be enough to trigger a recovery after last week's risk sell-off, and keep the markets focused on the economic fundamentals." Financial and mining stocks - which saw some of the biggest losses last week - were also on the up as sentiment among investors improved. Standard Chartered rose, 2.3%, mining giant Glencore added 2.1% while insurer Prudential was 1.6% higher.
In the FTSE 250, shares in Ladbrokes Coral fell 2.3% after Credit Suisse cut its rating on the bookmaker to "underperform" from "neutral". "European equity markets appear to have left the fears of late last week behind, with investors coming out of their defensive positions to move back into riskier assets," said Joshua Mahony, market analyst at IG.
On the currency markets, the pound fell 0.1% against the dollar to $1.2998 and was unchanged against the euro at 1.1001 euros. On the currency markets, the pound fell 0.3% against the dollar to $1.2971 and was unchanged against the euro at 1.1000 euros.