Business & Markets
FTSE 100 hits record as tech stocks plunge
London's FTSE 100 hit a record high on Wednesday as energy shares rose with oil prices, while technology-heavy markets fell in parts of Asia and on Wall Street.
The FTSE 100 reached 10,951.06 points, beating its previous record of 10,934.94 from the end of February. It later pared gains and closed 0.3% higher at 10,908.41.
South Korea's Kospi closed down 6.0% at 5,663.24, extending Tuesday's nearly 11% fall. Chipmaker SK hynix lost almost 20% despite reporting large profits and promising to keep spending. Tokyo's Nikkei 225 closed down 1.5%, while Taipei dropped nearly 4%.
Hong Kong's Hang Seng Index rose 2.0%, and Shanghai's Composite Index gained 0.4%.
In New York around 1530 GMT, the Dow Jones Industrial Average was down 1.6% at 51,923.88, the S&P 500 was down 0.8% at 7,366.18 and the Nasdaq Composite was down 1.2% at 24,590.94.
Investors were awaiting the Federal Reserve's expected decision on US interest rates and earnings reports from Microsoft and Meta after the US closing bell. Susannah Streeter, chief investment strategist at Wealth Club, said concerns over artificial intelligence valuations, competition and future demand were causing volatility.
Oil prices rose as renewed strikes in the Middle East revived concerns about supply disruption. Brent crude was up 7.2% at $88.01 a barrel, while West Texas Intermediate was up 7.5% at $85.21.
Among non-technology companies, Hermes shares fell more than 11% in Paris after results showed demand in China was not reviving. Shares in Gucci owner Kering rose more than 15%.
Update
London's FTSE 100 closed at 10,908.41 after earlier setting a record of 10,951.06.
US stock losses had deepened around 1530 GMT, with the Dow down 1.6%, the S&P 500 down 0.8% and the Nasdaq Composite down 1.2%.
Brent crude was up 7.2% at $88.01 a barrel and West Texas Intermediate was up 7.5% at $85.21.
Hermes shares fell more than 11% in Paris, while Kering shares rose more than 15%.
Source note: AFP news report published on 29 July 2026 at 15:57:32 UTC.
Update
London's FTSE 100 hit 10,951.06 points, above its previous record of 10,934.94, before easing below 10,900 around midday.
Around 1330 GMT, the Dow was down 0.8%, the S&P 500 down 0.2% and the Nasdaq down 0.2%.
Brent crude was up 5.9% at $86.89 a barrel and West Texas Intermediate was up 6.6% at $84.50.
Hermes shares fell 12% in Paris after results showed demand in China was not reviving, while Kering rose 14%.
Source note: AFP news report published on 29 July 2026 at 14:14:11 UTC.
Update
US stocks opened lower on Wednesday, with the Dow down 0.8%, the S&P 500 down 0.1% and the Nasdaq down 0.1% about five minutes into trading.
Oil prices were up more than 6% as markets reacted to the Middle East war.
Investors were awaiting a Federal Reserve decision and earnings from Microsoft, Meta and Amazon within the next two days.
Cresset Capital's Jack Ablin said oil prices would matter if they remained persistently high.
A majority of investors expected the Fed to hold rates steady, while a sizeable minority in futures markets expected a rate increase.
Source note: AFP news report published on 29 July 2026 at 13:46:59 UTC.
Update
London's FTSE 100 record was supported by higher oil prices lifting Shell and BP and by some positive company earnings.
Global markets largely retreated, with South Korea's Kospi closing 6.0% lower and technology shares under pressure.
Oil prices were up about 5% around 1115 GMT after fresh Middle East strikes revived supply concerns.
Investors were waiting for the Federal Reserve's interest-rate decision and signals on the outlook for US borrowing costs.
Source note: AFP news report published on 29 July 2026 at 11:50:55 UTC.
Update
The FTSE 100 reached 10,951.06 points.
The previous record was 10,934.94, reached at the end of February.
The index later fell back below 10,900 points around midday.
AFP reported that the index was spared from a global technology rout because it has few major technology companies.
Source note: AFP news report published on 29 July 2026 at 10:56:44 UTC.
Uncertainty notes
The Federal Reserve decision and the Microsoft and Meta earnings reports were still pending in the supplied item.
Source
AFP news report published on .