FTSE Slips As Growth Weakens And Oil Risks Rise

Index Update: The FTSE 100 index, a key benchmark index for the London stock exchange, was trading rose around 0.15% on 24 March 2026. 

Macro Update: The UK economy is hitting a six-month low, with March GDP growth slowing to 1.1% amid rising Middle East tensions. While the Bank of England held rates at 3.75%, surging oil prices above $100 threaten new inflation. Manufacturing has stalled, and unemployment remains at a high 5.2% as growth falters. 

Top Market Movers: Among top gainers on FTSE 100 index, Autotrader Group PLC (LSE: AUTO) witnessed a rise of 2.42% followed by Convatec Group PLC (LSE:CTEC) witnessed a rise of 2.39%. 

Commodity Update: The U.S. dollar weakened at the start of the week, extending losses after President Donald Trump delayed a planned strike on Iran’s power grid, easing fears of a prolonged conflict. Gold declined 1.10% to USD 4,390.60, silver fell 2.73% to USD 67.42, and copper slipped 1.11% to USD 12,049.70. Meanwhile, Brent crude surged 4.18% to USD 99.92 as Iran denied ongoing talks with the U.S. despite deal optimism. 

Our Stance: The UK faces a fragile standoff: the Bank of England is holding interest rates at 3.75% to curb 3% inflation, despite a growth slowdown to 1.1%. Surging oil prices and high 5.2% unemployment create a cautious, high-risk "wait-and-see" economic environment. 

FTSE 100: The FTSE 100 Index is currently trading near 9,881.35, declining around 0.13%, and continues to remain below its 21-day level near 10,387.65 and 50-day level near 10,359.45, indicating a weak near-term structure. The price action reflects a sharp pullback after a prior uptrend, with recent candles showing sustained downside pressure. Momentum remains subdued, with the RSI near 31.46, suggesting the index is approaching oversold territory. On the downside, 9,700–9,500 may act as a support zone, while 10,200–10,400 is likely to act as a resistance band, potentially capping any near-term recovery. 

Source: Charts by EODHD/Others