London, Feb 3, 2026, 10:54 GMT — Regular session
- Early Tuesday, the FTSE 100 climbed to a new intraday high but showed little movement by mid-morning.
- Gold and silver bounced back sharply, sending mining stocks to the top of the gainers list.
- Focus now shifts to Thursday’s Bank of England rate decision.
Britain’s FTSE 100 hit a new high on Tuesday before running out of steam, with gains in miners balancing steep drops in several heavyweight names. By 10:15 GMT, the index slipped 0.05% to 10,336.32 points, having climbed as high as 10,373.28 earlier. Investors Chronicle
The mining-heavy index has been swinging wildly alongside precious metals, making traders cautious about a sudden turnaround. Eyes are also on Thursday’s Bank of England announcement, where the Bank Rate stands at 3.75%. Bank of England
London’s market showed caution despite a rally across broader European stocks, fueled by earnings reports and stronger commodity prices. By 0816 GMT, the STOXX 600 had climbed 0.8%, led by gains in basic resources. Reuters
Miners led the gains in London, with Endeavour Mining up 5.5% at 4,335 pence. Fresnillo followed, climbing 4.4%, Anglo American added 4.1%, and Antofagasta rose 4.0%. Hargreaves Lansdown
Gold hovered near $4,915 an ounce early Tuesday, bouncing back from Monday’s dip, while silver surged nearly 10%, market data showed. Ipek Ozkardeskaya of Swissquote noted, “It is now behaving like a risky asset — worse, at times like a meme stock.” London South East
The FTSE 250, which leans heavily on domestic firms, edged up 0.15% to 23,460.46 by 10:34 GMT. Investors Chronicle
Plus500 surged 7.9% to 4,584 pence following the rollout of a US prediction markets platform, featuring event-based contracts from Kalshi Exchange. The firm, primarily recognized for contracts for difference (CFDs), offers leveraged derivatives tied to underlying assets. London South East
Soft drinks firm AG Barr reported a full-year revenue increase of roughly 4%, hitting £437 million. Its adjusted operating margin expanded to 14.7%. CEO Euan Sutherland commented, “We enter the new financial year with a good momentum and are well positioned,” following acquisitions of Fentimans and Frobishers. The company plans to release full-year results on March 31. TradingView
Separate consumer data highlighted why markets are focused on inflation signals ahead of the BoE meeting. Grocery inflation dropped to 4.0% in the four weeks ending Jan. 25, marking its lowest level since April last year. This gives an early glimpse into pricing trends before official inflation figures are released on Feb. 18. “Value remained front of mind for many – with own label hitting a record high,” said Fraser McKevitt at Worldpanel by Numerator. Tesco’s sales climbed 4.4%, while Sainsbury’s rose 5.3% during this period, the report noted. Reuters
Factory data suggested the year kicked off stronger, even if orders are still uneven. The manufacturing purchasing managers’ index (PMI) climbed to 51.8 in January from 50.6, with anything above 50 indicating expansion. Rob Dobson at S&P Global Market Intelligence described the sector as having made a “solid start” to 2026. The Guardian
RELX dropped 7.2% to 2,399.5 pence, with Experian down 4.1% and Sage off 3.4%. JD Sports Fashion also weighed on the downside. Hargreaves Lansdown
Still, the sharp rebound in metals hasn’t calmed jitters after recent volatility. A further drop in gold or unexpected moves from central banks could weigh heavily on miners and threaten the record streak.
