FTSE 100 Rises as Bitcoin Hits Three-Month High Amid Limited Iran Sanctions Impact
The FTSE 100 index rose by 0.20% on Tuesday as British stocks extended gains, while Bitcoin continued its surge to three-month highs.
The rally in risk assets was underscored by the fact that Washington's new Iran sanctions carried limited near-term market impact despite fresh pushback from Tehran and Beijing.
Jean-Baptiste Bessent's economic isolation plan targeting Dubai-based exchange houses and networks in Hong Kong, Singapore, and the UAE had 'limited market impact as it lacked specifics', according to Jefferies' Mohit Kumar.
Kumar warned that the Treasury's potential tap of its $1 trillion General Account to fund bond buybacks should be treated carefully, since TGA-funded purchases differ from debt-neutral buyback operations.
The FTSE 100 was led by Smith & Nephew, which rose 10.3% to 509.40p, ahead of GKN and Melrose.