The FTSE 100 closed 0.6% higher at 7,195, , benefiting from optimism over hard cease-fire talks in between the Russian and Ukrainian delegations, while investors weighed on lower commodity prices. Banks and insurers were among the strongest performers, led by Lloyds (5.2%) and Barclays (5.4%), as traders anticipate higher interest rates among major central banks this week.
The Bank of England is poised to deliver a 25bps rate hike to 0.75% on Wednesday, while the Federal Reserve is also expected to hike its main rate. On the other hand, Rio Tinto shares dropped 2.5% after proposing to buy the remaining of Canadian Turquoise Hill, while British American Tobacco (1.9%) edged lower after decreasing its FY22 guidance as a result of its planned exit from Russia.
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