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The FTSE 100 started the day on the front foot as the US debt ceiling deal was approved by the House of Representatives, virtually guaranteeing it will be signed off ahead of the extended 5 June deadline.
AJ Bell investment director Russ Mould said: “This positive driver for stocks may not last as a US Treasury which has been draining its account at the Federal Reserve to keep the government going, thereby injecting significant liquidity into the system, reverses this policy and starts tapping the debt markets to bolster its coffers.
“For now, though, relief that a US default has been averted is dominating market sentiment.
“UK house prices renewed their downward trajectory in May according to the latest figures from Nationwide.
“The recently reported sticky inflation in the UK has increased interest rate expectations and could have a dampening effect on the property market.”
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