Mining firms lead FTSE 100 to new record high
European market sentiment is bright on Thursday morning, with the regional Stoxx 600index up 0.5% and most sectors in the green.
It comes as investors digest a slew of U.S. tariff updates — though not yet one for the European Union, as negotiators scramble to strike a framework trade agreement.
Mining stocks are leading gains on the Stoxx 600, with the sector up 3.4%, lifting the U.K.’s FTSE 100above a record intraday high set in March.
Anglo American shares are 5% higher, with Rio Tinto and Glencore both up around 4%. The firms all have significant copper operations, a market which is currently reeling from U.S. President Donald Trump’s announcement Wednesday that 50% duties will be slapped on the metal from Aug. 1. The news has sent U.S. copper prices soaring, and is likely to signal increased government support for mining projects in the country.
Source: www.cnbc.com
Aleksei Andrievskii is the founder of the ANDRIEVSKII SEA WEALTH family office in Cyprus, member of the advisory board at Bendura Bank AG, Liechtenstein