The FTSE 100 rose 0.4% to near record levels at 8870, following UK labour data and optimism over US-China trade talks in London. UK unemployment rose to 4.6%, the highest since 2021, with the most job losses since the pandemic, while wage growth came in below forecasts. The cooling labour market boosted expectations for Bank of England rate cuts, with a September cut now nearly fully priced in. Globally, markets gained as talks between US and Chinese officials continued, raising hopes of avoiding a full-blown trade war. In corporate news, Diageo shares edged higher on reports it may sell part or all of IPL team Royal Challengers Bengaluru, which it owns through United Spirits, with a potential $2B valuation following the team’s first IPL title. Homebuilder Bellway said trading remained strong through spring, with higher buyer confidence and improved reservation rates. Its order book grew, average selling prices rose, and incentive levels stayed stable, supporting full-year guidance.