FTSE 100 Edges Up Amid Oil & Forex Volatility

Index Update: The FTSE 100 index, a key benchmark index for the London stock exchange, was trading rose around 0.35% on 24 July 2026.  

Macro Update: Global GDP growth sits at 3.0% for 2026 as stalling disinflation triggers tighter central bank policies. Brent crude has surged past $100 amid escalations in the Middle East, while new U.S. tariffs of 10%–12.5% disrupt global supply chains. However, unprecedented AI capital expenditure continues to fuel strong hardware tech earnings worldwide. 

Top Market Movers: Among top gainers on FTSE 100 index, JD Sports Fashion PLC (LSE: JD.) witnessed a rise of 3.43% followed by 3I Group PLC (LSE: III) witnessed a rise of 3.14%. 

Commodity Update: The U.S. dollar strengthened on Friday, reaching a fresh 40-year high against the Japanese yen while advancing against the euro after the European Central Bank kept interest rates unchanged. Higher crude oil prices and renewed concerns over Middle East supply disruptions supported demand for the safe-haven currency. Gold declined 0.54% to USD 4,028.75, silver fell 1.07% to USD 57.39, while copper edged up 0.10% to USD 13,615.00. Brent crude traded at USD 100.09 despite easing 0.60%, remaining elevated amid persistent geopolitical tensions.  

Our Stance: The global economy is caught in a tense balancing act as surging artificial intelligence expansion collides with deepening macroeconomic pressures. Persistent shipping blockades in the Middle East risk triggering new supply shocks, forcing central banks to prolong higher interest rates. As a result, financial markets face ongoing volatility as long-term technology growth combats intense, energy-driven inflation. 

FTSE 100: The FTSE 100  Index traded near 10,680.00, remaining above its 50-day SMA of 10,469.97, indicating that the medium-term technical structure continues to strengthen. Recent price action reflects renewed upward momentum following a brief consolidation phase, with the index holding close to its recent highs. The 14-day RSI stood at 58.18, suggesting improving momentum while remaining below overbought territory. Immediate support is placed near 10,570.00 and 10,460.00, while resistance is seen around 10,790.00 and 10,900.00. A sustained move beyond these levels could influence the index's next directional trend.