Lucy Harley-McKeown
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FTSE 100 LIVE: Markets mixed and oil prices jump as Middle East conflict continues
How major markets are performing on Monday
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The FTSE 100 and European markets were mixed up on Monday, and oil prices continued higher, as ceremonies marked the anniversary of the Hamas attack on the Nova music festival and Israel's invasion continues on the ground in Lebanon. Media reports say troops have been sent for "localised" operations in Lebanon's south.
The FTSE 100 (^FTSE) was 0.3% higher by noon, while Germany's DAX (^GDAXI) fell 0.3% and the CAC 40 (^FCHI) in Paris rose 0.1%.
The pan-European STOXX 600 (^STOXX) was just below the flat line.
The FTSE 100 was lifted by oil producing companies such as Shell (SHEL.L) and BP (BP.L), whose share prices were buoyed by higher oil costs.
Oil is up due to concerns over potential attacks on infrastructure as conflict rages on. Brent crude (BZ=F) rose 2.1% while crude (CL=F) jumped 2.4% in the session.
Moves also come as new data from Halifax showed year-on-year, house prices have surged by 4.7%, marking the strongest growth rate since November 2022.
The typical property price stands at £293,399, slightly up from £292,540 in August, and represents the highest level since June 2022. This left the average price only a little short of the record high of £293,507 set in June 2022. Refreshed demand reflects gradually decreasing interest rates set by the Bank of England.
"While rates are improving, they remain significantly elevated compared to pre-pandemic levels, making the cost of borrowing still out of reach for many, especially for first-time buyers," said Karen Noye, mortgage expert at Quilter.
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