The latest from London: Commodities lift the FTSE 100

Despite escalating tensions over Ukraine, the FTSE 100 still managed to gain 0.1% yesterday thanks to its many commodity stocks, especially mining companies, which rose on supply concerns.

After Putin officially recognized two self-proclaimed republics in eastern, the Brent is getting very close to the symbolic $100 mark.

Today, UK shares are up, still lifted by miners. Rio Tinto said its full-year profit soared on higher iron ore prices and strong demand from China. However, it warned that Western sanctions on Russia could impact aluminium supply.

The FTSE 100 also got a boost after Barclays announced that its annual profit was almost three times higher, with falling bad loan charges strong performance from its investment bank.

 

Things to read today:

Russian Stocks higher as markets weigh sanctions risks (Financial Times)

With Russia’s Invasion of Ukraine, a New Cold War Arrives (WSJ)

Vladimir Putin Has No Time for Your Reality (Bloomberg)