London, Jan 26, 2026, 10:46 GMT — Regular session
- FTSE 100 held steady, buoyed by metal miners amid soaring bullion prices hitting new peaks
- Spire surges amid buyout buzz; Costain climbs following pension deal that greenlights share buyback
- Banks take center stage before earnings, some poised to raise profit forecasts
London stocks stayed flat on Monday as gains in metal miners countered the drag from a firmer pound and cautious bets ahead of a busy week for global markets.
Safe-haven demand is clashing with jitters over Washington’s policies, and the tension is creeping back into London pricing. Traders are eyeing upcoming bank earnings and new guidance, hoping for clues on where UK financials might head next.
The FTSE 100 edged up 4.59 points, or 0.05%, to 10,148.03 by 10:31 GMT, having fluctuated between 10,125.28 and 10,175.41. The FTSE 250 slipped 4.77 points, or 0.02%, to 23,312.76. 1
Sterling jumped to $1.3665 in early London trading, hitting its highest level since September, as the dollar weakened and speculation grew over potential yen intervention. ING’s Chris Turner described reports that the Federal Reserve questioned banks on USD/JPY positions as a kind of “rate check.” 2
Gold surged beyond $5,100 an ounce, hitting a new record and boosting shares of London-listed miners linked to bullion prices. 3
Spire Healthcare surged after confirming preliminary discussions with several buyout firms, including Bridgepoint and Triton, as it considers strategic moves. The company warned there’s “no certainty that any offer will be made.” According to Sky News, Advent International and Bain Capital have also contacted adviser Rothschild. 4
Costain’s shares climbed following news that it struck a new deal with trustees of its defined-benefit pension scheme — a traditional plan guaranteeing fixed payouts. This deal paves the way for bigger returns to shareholders, including a £20 million share buyback slated for this year. 5
GSK edged up after announcing the European Commission’s green light for broader use of its respiratory syncytial virus vaccine, Arexvy. The approval now covers all adults aged 18 and older across the EU. 6
Banks grabbed attention again as earnings season approaches. Britain’s top lenders are set to raise key profitability targets, mirroring moves by European peers, sources told Reuters. Return on tangible equity, or ROTE, remains the main measure of how well banks turn shareholders’ capital into profit. “UK banks have benefited from earnings resilience lasting longer than initially expected,” said Peter Rothwell, head of banking at KPMG UK. 7
Domestic data and surveys suggest stronger activity and consumer sentiment in January following the November budget, even as inflation stays elevated compared to other G7 countries and the labour market remains weak. 8
Support from miners and banks keeps London vulnerable if the safe-haven demand drops off suddenly or if sterling climbs further, squeezing revenues for overseas earners when converted. A steep pullback in bullion prices would put pressure on the sector that’s been carrying much of the weight.
Investors are set to eye U.S. durable goods orders at 13:30 GMT for fresh demand data, before turning their focus to the Federal Reserve’s Jan. 27-28 meeting for potential shifts in rate policy. Over in the UK, the Bank of England’s next policy decision is scheduled for Feb. 5. 9
