The FTSE 100 Index climbed 1% on Friday to a record of 7901.80 as the pound slumped after the US dollar rallied on stronger-than-expected jobs data. Having managed to avoid a selloff last year on the sterling’s weakness, the FTSE 100 Index has joined a global equities rally in 2023 with a 6% gain, helping the British large-cap benchmark scale an all-time high.
What’s more, the index’s heavy weighting skew toward commodity and banking stocks has meant that many macroeconomic factors — high interest rates and inflation — that were headwinds for US and Europe partly acted as positive catalysts for the FTSE 100. Investors in UK large caps are also enjoying solid dividends, with one of the highest payout yields globally.
Still, there are plenty of risks ahead. A recovering pound, stalling commodities rally and the end of a quick burst in demand from China reopening may start weighing on the benchmark. into recession until later this year as well as a reversal in ex-Prime Minister Liz Truss’s unfunded tax cuts plans.Notably, the FTSE 100 is one of the last European benchmarks to scale pre-Covid highs.
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