FTSE 100 Modestly Higher Ahead Of Autumn Budget

(RTTNews) - The UK market's FTSE 100 index was modestly higher a little before noon on Wednesday, with stocks turning in a mixed performance in cautious trade ahead of the autumn budget to be presented later in the day.

Fed rate cut hopes and signs of progress in Ukraine peace talks help underpin sentiment.

CBS News reported that a common understanding on a peace deal brokered by the Trump administration to stop Russia's nearly four-year assault had been reached, with details still to be worked out.

It was said that Ukrainian President Volodymyr Zelenskyy could travel to the U.S. before the end of November to finalize an agreement.

The British pound climbed against the dollar ahead of the 2025 Autumn Budget being unveiled by Finance Minister Rachel Reeves.

The chancellor is likely to unveil series of tax hikes to fill black hole in public finances after changes to the minimum wage were announced on Tuesday.

The FTSE 100, which edged down slightly at the start, was up 19.47 points or 0.2% at 9,629.00 a little while ago.

Mining stocks Fresnillo, Endeavour Mining and Antofagasta gained 4%, 3.7% and 2.1%, respectively. Anglo Amerian Plc climbed 1.5%.

JD Sports Fashion moved up nearly 3%, Burberry Group gained 2%, while Polar Capital Technology Trust and Melrose Industries advanced by 1.9% and 1.8%, respectively.

Mondi, Standard Chartered, Associated British Foods, Halma, United Utilities, BT Group, Admiral Group, Beazley, RightMove, Scottish Mortgage and Marks & Spencer were among the other prominent gainers.

Among the laggards, WPP and The Sage Group were down 2.3% and 2.2%, respectively. Diageo drifted down by about 1.4%, whle DCC, EasyJet and Hikma Pharmaceuticals were down by 1%.