The FTSE 100 index is still in recovery mode as investors continue buying the dip. The index is trading at £7,270, which is significantly higher than this month’s low of £6,974. The price action mirrors that of other American and European indices like the Dow Jones, CAC 40, DAX index, and Stoxx 50.
UK equities rallied last week even after the relatively weak economic data from the UK. The numbers showed that the country’s inflation surged to the highest level in decades. In the same period, retail sales crashed hard as consumer spending waned. Another data by Gfk showed that the country’s consumer confidence crashed.
The FTSE 100 index rose on Monday as mining companies led. Antofagasta, Anglo American, and Fresnillo were among the top movers. Other companies that did well were Prudential and Standard Chartered. On the other hand, the worst performers in the index were Abrdn, Burberry, BT group, Ocado, and Sage Group.
The top stories in the UK were the investigation of Wise CEO. HRMC is being investigated for a list of business and individual tax avoidance. This investigation could see him ousted as the fintech CEO.