FTSE 100 share index hits four-month high as European markets rally – business live

UK equities rallied to a four-month high, with the FTSE 100 touching 10,701, helped by softer US jobs data and hopes of a US-Iran peace deal that have knocked oil lower. Precious-metals miner Fresnillo was among the top risers at +2.5%, but the piece is primarily a broad risk-on equity/macro update rather than a metals-specific market note. The article highlights two key macro drivers: a weaker-than-expected US employment report, which cooled expectations for further Fed tightening, and improving sentiment around shipping through the Strait of Hormuz as conflict fears ease. Citi is also cited turning more bearish on Brent, with a forecast for $60/bbl by year-end after a drop from $126/bbl at the end of April to around $72/bbl now. For precious metals, the main takeaway is indirect. Softer US labour data and lower rate-hike expectations are modestly supportive for gold and silver, but the broader relief rally and lower geopolitical risk premium could cap safe-haven demand. Fresnillo’s outperformance suggests miners can still catch a bid on macro easing, but this is not a direct signal for bullion flows or pricing over the near term.