UK Markets Surge as Chemical and Metal Stocks Climb

UK shares rose with gains in chemical and metal mining stocks. The FTSE 100 and midcap index climbed following U.S. President Trump's détente with Federal Reserve Chair Jerome Powell and optimism around U.S.-China trade talks. Croda International led gains, while energy firms benefited from rising oil prices.

UK stocks experienced a significant surge on Wednesday, primarily driven by robust performances in the chemical and metal mining sectors. Investors also took comfort from U.S. President Donald Trump's change of stance regarding Federal Reserve Chair Jerome Powell.

By 1045 GMT, the FTSE 100 index rose by 1.3%, with the midcap index following with a 1.2% gain. Trump's positive rhetoric about potential U.S.-China trade talks bolstered market sentiment, with hopes that a deal could reduce tariffs on Chinese goods. Croda International soared by 10.7% on impressive first quarter sales growth.

In energy, BP's shares increased by 5% after Elliott raised its stake, while UK energy indices rose following a spike in oil prices. Industrial metal miners grew as copper prices reached a near three-week peak. However, a downturn in British business activity raised expectations of an interest rate cut from the Bank of England.

(With inputs from agencies.)