The blue-chip FTSE 100 and the domestically focused midcap index both closed up 0.7%. FTSE Futures rebounded on Wednesday following their most significant decline in almost five months during the prior session, as concerns about the fiscal stability of the British economy weighed on investors. On Tuesday, FTSE ended the day in the red, influenced by increasing yields on gilts, as investors expressed concerns regarding the UK’s capacity to manage its financial situation effectively.

• Hochschild Mining jumped 7.6% to its highest since early 2013, after the company announced the sale of its Chile-based Volcan gold project operator.
• Anglo American opens new tab added 2.3%.
• The miner has put forward a proposal to divest its remaining stake in Valterra Platinum.

The yield on the 30-year gilt increased during Tuesday’s session, reaching its highest level since 1998. Bank of England Governor Andrew Bailey emphasized during a committee hearing that it is “important not to over-focus” on this matter, as the government no longer relies heavily on raising significant finance from debt of this maturity. Finance minister Rachel Reeves announced that she will present her annual budget on November 26, highlighting that maintaining a “tight grip” on public spending could contribute to reducing inflation and borrowing costs. In the market, precious miners rose, tracking prices of gold, while industrial miners increased, following the trends of base metals.

Heavyweight healthcare and bank stocks were among the strongest performers on the benchmark index. Banks have faced increased scrutiny since last Friday following a think-tank’s suggestion of a new tax on lenders as a potential revenue-raising measure for Reeves. Limiting gains were energy stocks, with giants Shell and BP down about 1.3% each, as oil prices slipped. Watches of Switzerland jumped 6.1% after saying it was on track to report fiscal first-half results in line with its expectations on strong U.S. demand.

Hilton Food Group opens new tab fell 17.4% after flagging higher costs in its seafood business and regulatory curbs at its Foppen unit in Greece. Meanwhile, a survey indicated that an increase in new business propelled Britain’s services sector last month to its most rapid growth in over a year.
A weaker-than-anticipated job openings report for July in the U.S. bolstered expectations for a forthcoming interest rate reduction.