FTSE 100 Recovers 0.4% as Miners Lead and U.S. Jobs Data Eases Rate Hike Fears

The FTSE 100 in London climbed 0.4% on Monday, reaching 10,505.03, as mining stocks led the gains and a weaker-than-expected U.S. jobs report eased concerns about a Federal Reserve rate hike this month. The index had its worst week since April but recovered slightly, with mining shares up 0.55% as gold and silver prices rose. Ithaca Energy was the top performer, surging 3.5% after announcing an $842 million deal to buy Suncor Energy's offshore oil assets.

Other notable movers included BT Group, which rose after agreeing to acquire TalkTalk out of administration for an estimated £400 million. However, 3i Group fell 4.2%, marking its lowest point since late June. The UK services sector showed signs of stability, with the final services PMI revised up to 52.1 from 51.7, indicating continued expansion. Traders are still pricing in a nearly 95% chance of a Bank of England rate hike in November.

Oil prices remained volatile, with Brent crude trading around $102 a barrel. While the G7 pledged to release additional oil supplies, tensions in the Middle East, particularly around the Bab el-Mandeb strait, continued to pose risks. Analysts noted that Monday's gains were a partial recovery rather than a full reversal of last week's losses, with miners and specific stock deals driving the upward movement.