FX.co ★ FTSE 100 Hits New Record

The FTSE 100 reached a historic peak, climbing by 1.3%, fueled by a robust rally in mining stocks. Glencore rose by 4.6%, Rio Tinto by 4.2%, Anglo American by 4.1%, and Antofagasta by 1.6%. This upswing followed U.S. President Donald Trump's confirmation that a 50% tariff on copper imports would be instated starting August 1. The announcement, made via Truth Social, injected volatility into copper markets and sparked concerns about potential trade disruptions. The enforcement measures and specifics concerning the scope of products affected remain unclear, adding to the market's uncertainty. Additionally, President Trump imposed a 50% tariff on Brazilian goods, attributing the move to political motivations and criticizing the country's leadership. AstraZeneca and GlaxoSmithKline each saw increases of over 2%, as investors expressed relief that the healthcare sector was not directly impacted by the new tariff measures. In contrast, WPP experienced a 1.7% rebound after announcing the appointment of a new CEO, following a previous 19% plummet due to a profit warning.