FX.co ★ FTSE 100 Trades Cautiously Higher

The FTSE 100 experienced a largely stagnant session on Monday, showing only slight upward movement and underperforming compared to its European counterparts, as the rally from last week began to lose steam. Marks & Spencer gained more than 1.5% following an upgrade from Citigroup, which advised investors to recognize the company's strengths and focus beyond the previous cyber attack issues. Vistry, a homebuilder, saw an increase of over 1% after establishing a long-term partnership with Homes England. Oil giants Shell and BP each rose by approximately 1% as crude oil prices increased due to OPEC+'s minor production hike. Conversely, Phoenix Group fell nearly 2% despite reporting stronger profits, as it unveiled plans to rebrand under the Standard Life name. Looking at the broader economic context, wage growth for new hires in the UK has decelerated to its slowest rate in more than four years, indicative of a cooling labor market and reduced inflationary pressures. On the international front, Shigeru Ishiba, Japan's Prime Minister, announced his resignation after recent electoral defeats, creating a climate of uncertainty ahead of a leadership contest that could potentially unsettle investors.