(Reuters) – UK stocks made a solid start to the new quarter on Monday, as fears of an escalation in U.S.-China trade dispute eased after the two sides made some concessions and decided to resume talks, spurring a rally in global stocks.
The FTSE 100 <.FTSE> surged 1.1% to a more than two-month high by 0702 GMT and the FTSE 250 <.FTMC> added 1%.
All sectors on both indexes were trading higher in early dealings.
Investors piled into equities, especially that of banks with a heavy presence in Asia such as HSBC <HSBA.L> and Prudential <PRU.L>. Shares of miners, sensitive to news surrounding top metals consumer China, also boosted the main index.
Oil majors Shell <RDSa.L> and BP <BP.L> advanced as crude prices surged after top producers Saudi Arabia, Russia and Iraq backed a plan to extend supply cuts for another six to nine months.
(Reporting by Shashwat Awasthi in Bengaluru; Editing by Arun Koyyur)