Oct 13 (Reuters) - Britain's blue-chip index rose to a three-week high on Tuesday, lifted by financial stocks, while retreating oil prices and easing bond yields also supported risk appetite.
The FTSE 100 index rose 0.73% to 10,762.01 points to its highest since September 23 by 10:23 AM GMT, while the midcap FTSE 250 was up 0.28%.
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Oil prices dropped 2% on prospects of additional diesel supplies from Russia
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UK's 10-year benchmark gilt yields fell nearly 5 basis points to 5.40%
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The broader banks sector was up 1.2%; NatWest advanced 2.6% after Barclays upgraded the stock to "overweight" from "equal-weight"
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British finance minister John Healey will not raise capital gains tax to the same level as income tax, the FT reported on Tuesday, citing four sources
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The International Monetary Fund said that Britain needs to keep deficit reduction on track
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"John Healey will opt for a compromise Budget on Wednesday 28th October, with limited implications for the economy and the markets," said Ruth Gregory, deputy chief UK economist, Capital Economics, in a note
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BP shares rose 1.3% to a six-month high after the energy giant estimated its third-quarter refining margins tripled from last year
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Melrose Industries led gains on the FTSE 100 with a 3.6% rise, after the GKN Aerospace owner said its Garden Grove plant in California was on track to resume operations by the fourth quarter
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Premier Inn owner Whitbread rose 2.2% to its highest since March after unveiling a five-year turnaround plan and recommending that shareholders vote against activist investor Corvex Management's demand for a board seat
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Among other sectors, healthcare gained 1.7%, and precious metal miners added 1.5%, tracking higher gold and silver prices
Reporting by Darshan Kumar in Bengaluru; Editing by Sahal Muhammed
Source: Reuters