LONDON, April 8 — Britain’s top equity index hit a seven-week high today, lifted by commodity and banking stocks at the end of a volatile week that saw worries about higher US interest rates and the Ukraine conflict rattle investors.
Western countries imposed fresh sanctions against major crude exporter Russia over its invasion of Ukraine, fuelling concerns about a further spike in commodity prices, while worries about aggressive steps by the US Federal Reserve to tame inflation roiled US stocks earlier this week. “We’ve a very different landscape for commodities at this time... and the natural reaction from equity investors is if you want to hedge yourself against inflation, you want to buy into commodity exposure.”
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