London’s blue-chip index climbed on Wednesday, buoyed by optimism surrounding Donald Trump’s high-stakes diplomatic visit to Beijing and a steadying in UK gilt markets after a turbulent week.
The FTSE 100 rose 0.6%, clawing back losses from the previous session. European peers also advanced, with Germany’s DAX gaining 0.8% and France’s CAC 40 adding 0.1%. The mid-cap FTSE 250 rose a more modest 0.4%.
Sentiment was lifted as Trump flew to Beijing for talks with President Xi Jinping on trade and the ongoing Iran conflict.
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Investors took encouragement from signals that the two sides may extend a truce on Chinese rare earth export curbs, following their earlier trade war de-escalation. Nvidia CEO Jensen Huang joined the delegation as a last-minute addition, adding further market intrigue.
Intertek led the FTSE 100 higher, surging 6.9% after the testing and inspection firm said its board was minded to recommend a £60-per-share takeover bid from private equity group EQT.
Antofagasta climbed 4.2% as metals prices rallied, while Fresnillo and Endeavour Mining each gained 3.5% on a rising gold price — spot gold hit $4,703 an ounce.
Babcock International added 3.3% after reporting 9.1% revenue growth and launching a fresh £200 million share buyback. Banks also rebounded, with Barclays up 1.7% and Lloyds up 1.6%, recovering from earlier political jitters over a potential Labour leadership change.
On the downside, Vistry plunged 11% on the FTSE 250 after the housebuilder paused its share buyback to prioritise debt reduction amid tougher market conditions.
UK gilt yields dipped slightly on Wednesday after spiking to their highest since 2008 earlier in the week, providing modest relief for equities.
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