The FTSE 100 notched a record closing high on Thursday, extending a run of gains as investors digested stronger-than-expected UK GDP and a supportive global backdrop.
Defence names and financials led the advance, while the FTSE 250 slipped slightly as domestically focused shares lagged the globally diversified heavyweights.
Sentiment was also aided by milder US inflation data earlier in the week, which bolstered expectations for a Federal Reserve cut in September and lifted risk assets worldwide.
The fresh high continues a 2025 theme in which London’s market performance has decoupled from a tepid domestic economy, reflecting the FTSE 100’s significant overseas earnings exposure, a weaker trade-weighted pound earlier in the year, and sector composition skewed to energy, miners and financials.
For UK savers and pension funds, the record close is a reminder of the importance of equity allocation and diversification after years of subdued domestic listings.
For policy makers, it underscores calls to deepen the UK’s capital markets through pension reform, listing rule changes and efforts to lure high-growth firms, themes that have intensified ahead of the Autumn Budget.
Near term, traders will watch whether the index can build on the breakout if US-UK rate divergence narrows and sterling continues to firm.
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