For 2021, the FTSE 100 has recorded profits of 12.2% (in USD), a return that is equivalent to both the S&P 500 and the EuroStoxx 600. This is largely a result of the general trend that has started to be valued in the markets during the previous 10 months.

In light of the restart of the economy, the financially sensitive stocks were at extreme valuation levels relative to other stocks (Growth, momentum) resulting in a strong rotation. As England represents a significantly larger share of value companies, the UK index has found support from this general trend.

After a difficult winter along with Covid-19, England, which is the first country in terms of vaccinated population, sees things with a pinch of optimism, even if at the moment there are concerns about the evolution of the "Delta" mutation, which slightly delays the full opening of the economy.

Given that this year, a large majority of English people are expected to spend their vacations within the borders of their country, this will significantly boost macroeconomic indicators. In any case, the fact that British stocks (large-caps, small-caps) are doing well this year is strong evidence that investor confidence has returned to high levels. What remains to be seen is whether the British index manages to move beyond its previous historical highs and open a new chapter in both the post-pandemic and post-Brexit eras.