FTSE 100 rises as UK Government seeks global investors

On October 14, 2024, London's FTSE 100 index experienced a rise of 39.01 points, or 0.47%, closing at 8,292.66. This increase occurred as the UK Government sought to attract global investors during an international investment summit in London. The Prime Minister and Chancellor outlined plans to stimulate economic growth and encourage investment in scaling firms, including commitments to reduce regulatory barriers. However, the Chancellor also hinted at a potential increase in national insurance for businesses ahead of the upcoming Budget statement. The market's performance was influenced by various factors, including a decline in Brent crude oil prices, which fell over 2% to approximately $77 per barrel amid ongoing geopolitical tensions in the Middle East. In contrast, other European markets also saw gains, with the Cac 40 and Dax rising by 0.32% and 0.68%, respectively. In the US, the S&P 500 and Dow Jones were up by 0.6% and 0.3% at the close of European markets. In corporate news, Mulberry's largest shareholder rejected a takeover bid from Frasers Group, leading to a significant 17.8% increase in its shares. Conversely, PageGroup reported a 16.7% decline in gross profits, reflecting ongoing pressures in the jobs market, resulting in a 0.8% drop in its shares. The day saw utilities firms among the top gainers on the FTSE 100, indicating a positive sentiment in that sector. Overall, the day's trading reflected a cautious optimism in the UK market, with the government actively seeking to bolster investor confidence while navigating potential challenges ahead.