FTSE 100 Up Nearly 3% At Noon As Market Reacts To U.S.-Iran Ceasefire Deal

(RTTNews) - U,K.'s equity benchmark FTSE 100 rose sharply on Wednesday thanks to hectic buying across the board following the U.S. and Iran agreeing to a two-week ceasefire to ensure stability in the region's critical energy corridor.
Following the development, oil prices tumbled, easing worries about inflation and growth. Brent crude futures tanked as much as 14% to $91 a barrel.
U.S. President Donald Trump said the breakthrough is a major victory for international diplomacy, as Iran has signaled a readiness for lasting stability after a volatile and prolonged standoff.
In a post on Truth Social, Trump wrote, "A big day for World Peace! Iran wants it to happen, they've had enough! Likewise, so has everyone else!"
The ceasefire deal has opened the way to getting shipping on the move in the Strait of Hormuz, but both Iran and Oman can levy transit fees on ships traversing the waterway.
The deal calls for Israel and Hezbollah to halt fighting in Lebanon. Trump said he was holding off on his threatened attacks on Iranian bridges and power plants, adding a 10-point proposal received from Iran is a workable basis on which to negotiate. That said, there is confusion over nuclear enrichment language.
Iran's Supreme National Security Council said negotiations with U.S. representatives will begin in Islamabad on Friday and could last up to 15 days.
The FTSE 100, which climbed to 10,688.09, was up 293.48 points or 2.84% at 10,642.27 at noon.
Miners Antofagasta, Anglo American Plc and Fresnillo surged 12.2%, 10.7% and 10.3%, respectively. Endeavour Mining climbed 6%, Rio Tinto moved up 4.7% and Glencore gained 1.3%.
Bank stocks moved up sharply. Standard Chartered, Barclays, Lloyds Banking Group and Natwest Group gained 7%=8%, and HSBC Holdings advanced 5.8%.
Among other big gainers, Rolls-Royce Holdings zoomed 10.3%. IAG climbed 9.5%, Melrose Industries surged 9.4% and Persimmon rallied 9.3%. JD Sports Fashion, Lion Finance, Scottish Mortgage, Barratt Redrow, Weir Group, Intercontinental Hotels Group, Spirax Group, Burberry Group, Pershing Square Holdings, Marks & Spencer, Entain and Berkeley Group Holdings gained 7%-9%.
GSK gained about 2% after receiving Chinese approval for Exdensur, the first ultra-long-acting biologic for chronic rhinosinusitis with nasal polyps.
Energy stocks Shell and BP fell 5.5% and 5.2%, respectively, as oil prices tanked following the U.S. and Iran agreeing to a 2-week ceasefire.
Centrica, British American Tobacco and Imperial Brands were the other notable losers.
The UK construction sector continued to shrink in March as new orders declined the most in four months, survey results from S&P Global showed Wednesday. The construction Purchasing Managers' Index declined to 45.6 in March from 44.5 in February. The score remained below neutral 50.0 mark for the fifteenth...
U.K. house prices decreased 0.5 percent on a monthly basis in March, reversing February's 0.3 percent increase as the Iran conflict pushed up inflation expectations and dampened hopes of interest rate reductions, data from the mortgage lender Halifax showed.
On a yearly basis, house price growth eased to 0.8 percent in March from 1.2 percent in February.
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