index Update: The FTSE 100 index, a key benchmark index for the London Stock Exchange, was trading rose around 0.06% on 22 April 2026. 

Macro Update: The UK economy faces a cautious outlook. While GDP showed modest early growth, Inflation recently spiked to 3.3% due to rising fuel costs. The Bank of England has paused rate cuts, holding the Base Rate at 3.75%. Meanwhile, Manufacturing costs are surging, and retail sales have dipped as consumer confidence wavers. 

Top Market Movers: Among top gainers on FTSE 100 index, Bunzl PLC (LSE: BNZL) witnessed a rise of 3.18% followed by St. James Place PLC (LSE: STJ) witnessed a rise of 2.31%. 

Commodity Update: The dollar steadied in early Asian trading on Wednesday as doubts persisted over U.S. President Donald Trump’s announcement of an indefinite extension to the Iran ceasefire, supporting safe-haven Demand and lifting the greenback to a one-week high. Gold climbed 1.15% to USD 4,773.05, while silver advanced 1.72% to USD 77.81. Copper edged up 0.12% to USD 13,242.50. Meanwhile, Brent Crude slipped 0.20% to USD 98.21 per barrel in Asian trade. 

Our Stance: The UK maintains a restrictive stance. The Bank of England has paused rate cuts, holding the Base Rate at 3.75% to curb Inflation persistence. Simultaneously, the government is pursuing fiscal consolidation, prioritising growth-enhancing reforms while navigating high Debt and spending pressures. 

FTSE 100: The FTSE 100 is trading near 10,492.08 and remains above both its 20-day Moving Average near 10,394.36 and 50-day Moving Average around 10,430.72, keeping the broader trend constructive despite the recent pause. The index has been consolidating after failing to sustain above the 10,700 area. The 14-day RSI near 52.87 has eased from recent highs but remains above the neutral zone, suggesting momentum is moderating rather than weakening. Immediate support is seen near 10,430, followed by 10,300. Resistance is placed around 10,600, while a stronger hurdle remains near 10,700–10,800. 

Source: Charts by REFINITIV

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