03.09.202516:10:15UTC+00London Stocks End on Positive Note

On Wednesday, London's FTSE 100 rebounded by approximately 0.6%, closing at 9,178, recovering from its steepest single-day drop since April during the prior trading session. This previous decline followed a global bond market selloff, which elevated the UK's 30-year bond yield to levels not seen since May 1998. Concurrently, Chancellor Rachel Reeves announced the date for her eagerly awaited Budget, sparking speculation about possible tax hikes amidst growing concerns over the UK's public financial health. In domestic economic news, a PMI survey revealed that the UK's services sector experienced an unexpected acceleration in activity in August, achieving growth not seen in 16 months. In the corporate realm, companies within the precious metals sector, such as Fresnillo, which rose by 8.1%, and Endeavour, up by 3.6%, performed strongly, buoyed by gold reaching a record high. Copper miner Antofagasta also performed well, with its shares climbing 3.1%. On the downside, Pearson emerged as the largest decliner, dropping 3.6%, following Goldman Sachs' decision to reduce its price target to 1,490p, citing limited growth prospects for the third quarter.