London stocks rebound as Treasury yields retreat

10 Oct, 2023

UK shares rebounded on Tuesday as a pullback in Treasury yields, following dovish comments from the U.S. Federal Reserve officials, eclipsed jitters on the Middle East conflict.

The internationally focused FTSE 100 was up 0.9% at 0701 GMT and the more domestically oriented FTSE 250 gained 0.6%.

Precious metal miners added 0.8%, as gold prices climbed amid the ongoing market uncertainty due to a conflict between Israel and Palestinian group Hamas.

UK FTSE 100 holds gains after US payrolls data

Dovish remarks from top Fed officials weighed on the dollar and Treasury yields as they indicated on Monday that rising yields on long-term U.S. Treasury bonds could steer the Fed from further increases in its short-term policy rate.

Industrial metal miners also advanced 0.6% following a rise in copper pries.

Among individual stocks, YouGov met expectations with a 63% jump in adjusted pretax full-year profit, taking the shares of the polling company up by 5.8%.

Meanwhile, data showed consumers in Britain held off on much of their non-essential spending last month as rising prices for motor fuel compounded the broader hit from the high cost of living.

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