London, Jan 16, 2026, 10:55 GMT — Regular session
- FTSE 100 hovered near 10,236 in late morning trading, holding steady after Thursday’s record close
- Miners and precious-metals stocks dipped as copper and gold prices slipped
- Traders are eyeing UK jobs and inflation figures next week for fresh direction
London’s FTSE 100 held steady at 10,236.58 points by 0955 GMT Friday, held back by falling metal prices that weighed on miners after the index hit a record high the day before. Defence stocks climbed amid renewed Russia-Ukraine tensions, while Pearson dropped following a Barclays downgrade. Meanwhile, Britain’s Office for National Statistics is reportedly preparing contingency plans that could push back a revamped labour market survey until May 2027, according to a Bloomberg report. (Reuters)
The pause is notable since this rally hasn’t been widespread. Much of the gains stem from the index’s commodity-heavy composition, closely tied to copper, gold, and crude prices instead of domestic demand.
Thursday’s trade set the mood: the FTSE 100 gained 0.56%, closing at 10,245.99, while the FTSE 250, more UK-centric, surged 1.4%. A wave of earnings and stronger economic data lifted financial and property shares. Axel Rudolph, senior financial analyst at IG, noted the GDP surprise “creates a potential catalyst for inflows into both the FTSE 100 and the lagging FTSE 250.” (Reuters)
Britain’s monthly GDP climbed 0.3% in November, marking its quickest gain since June, rebounding from a 0.1% drop in October, official stats revealed. The upswing was partly driven by car production bouncing back as Jaguar Land Rover resumed full operations after a cyberattack. (Reuters)
Rate-cut expectations barely budged. On Thursday, traders priced in roughly 40 basis points (0.40 percentage point) of Bank of England cuts by September, according to Reuters. “Despite the upside surprise, it is important to note that the data are by no means strong,” said Kallum Pickering, chief economist at Peel Hunt. (Reuters)
The FTSE 100, dominated by multinationals, feels the pinch from rates and currencies just as much as from UK economic data. When the pound strengthens, it can cut into the value of foreign earnings once they’re converted back into sterling.
Away from the heavyweight miners, some stock-specific moves sparked interest. Genus surged after flagging profits around £50 million in next month’s half-year results, beating forecasts. Burberry, on the other hand, dipped ahead of its Q3 update due next Wednesday. (The Standard)
Polar Capital revealed a £15 million share buyback following a rise in assets under management to a record £28.4 billion at the end of December. Impax Environmental Markets plans to give activist investor Saba a cash exit through a tender offer near net asset value. (Sharecast)
The catch for bulls is clear: London’s market has been acting more like a commodity ticker with a financial hub tacked on. A sharper drop in copper or renewed concerns over China’s demand could easily drag miners—and the entire index—down with it.
U.S. rates remain a key factor. Robust American economic data has dampened expectations for imminent Federal Reserve rate cuts, dragging gold down—a classic safe haven that investors turn to in times of uncertainty.
The UK calendar next week is packed and could shift sentiment fast. Tuesday (Jan 20) brings labour market data, followed by CPI inflation on Wednesday (Jan 21). The week wraps up with S&P Global flash PMIs on Friday (Jan 23). (Ig)
