FTSE 100 hits record high
Britain’s main stock market index has just hit a new record high, lifted by shares in oil companies and miners.
The FTSE 100 shares index has just touched a new peak of 12,259 points, two points above the previous record high hit nearly two weeks ago.
Copper producer Antofagasta is leading the charge; it’s up 11% today, as the copper prices has hit new record levels over $14,000/tonne (see earlier post), and after reporting a 9% increase in quarterly copper production earlier today.
The jump in the oil price today has lifted Shell (+2.1%) and BP (+1.9%); they’re among the larger companies on the Footsie, so are pushing the index higher.
Other mining stocks are also rallying, as AJ Bell investment director Russ Mould explained this morning:
“The FTSE 100 got off to a strong start as gold moved through $5,500 and oil ticked up amid mounting tensions between the US and Iran,
“The mining sector did much of the heavy lifting for the index, buoyed by a positive production update from Glencore and the impact of precious metals strength on Fresnillo and Endeavour. BP and Shell were lifted by a stronger crude oil price.
“Wall Street yesterday greeted the latest Federal Reserve decision with a shrug as interest rates were kept on hold – with much of the action coming after the market close as investors reacted to results from Tesla, Microsoft and Meta. Asian markets were more downbeat as the possibility of conflict in the Middle East was weighed up.”
Share
Updated at 09.20 EST
Key events
Show key events only
Please turn on JavaScript to use this feature
Oil up almost 5%
Oil futures are extending their gains.
Brent crude is now up almost 5% at $71.60 per barrel, the highest since 1 August 20205, amid rising concerns about a possible US military attack on Iran.
Share
Over on Wall Street, Microsoft’s shares have opened with a bump after its latest results disappointed investors.
Microsoft reported slowing growth in its key cloud computing business last night, which has taken the shine off forecast-beating revenue and profits for the last quarter.
The company also reported an increase in capital expenditure, which puts the spotlight on the high costs of AI rollout.
As my colleague Ed Helmore reported:
Microsoft reported revenues of $81.27bn against expectations of $80.32bn, and improved from the 12.3% increase it recorded in the same quarter last year. Earnings came in at $4.14 per share against expectations of $3.92.
“We are only at the beginning phases of AI diffusion, and already Microsoft has built an AI business that is larger than some of our biggest franchises,” said the company’s CEO, Satya Nadella. “We are pushing the frontier across our entire AI stack to drive new value for our customers and partners.”
Investors are pushing Microsoft’s shares down, though – they’re off 10% at $433 in early trading, down from $481 last night.
They’re on track for their biggest one-day drop since March 2020, when the Covid-19 pandemic rocked the markets, Reuters reports.
This also knocks around $350bn off Microsoft’s valuation, as the company was worth around $3.58tn yesterday.
Share
Updated at 09.48 EST
On Iran, PVM analyst John Evans says:
“The immediate (market) concern … is the collateral damage done if Iran takes a swing at its neighbours or possibly even more tellingly, it closes the Strait of Hormuz to the 20 million barrels per day of oil that navigates it.”
Share
Brent crude has now climbed above $71 per barrel, up 4% today, to its highest level since 1 August last year.
Share
Gold producers are also among the top risers on the FTSE 100, points out Fiona Cincotta, senior market analyst at City Index.
“The FTSE is rising, outperforming its European peers, boosted by miners and oil majors, as rising commodity prices and higher earnings lift spirits.
With gold trading at fresh record highs of nearly 5,600, precious metal miners are outperforming. Endeavour trades over 5% higher, whilst Fresnillo is up 2.8%.
Gold has risen to record levels, driven by a weaker U.S. dollar, escalating geopolitical tensions, and erratic U.S. policy, which have spurred safe-haven flows.
Meanwhile, oil prices also jumped to 4-month highs as President Trump warned that time is running out for Iran to make a nuclear deal. Concerns that regional conflict could disrupt supply from OPEC’s fourth-largest member have lifted the risk premium on oil. Oil majors are tracking oil prices higher.
Corporate earnings have also come through thick and fast. Antofagasta is up over 6% after the mining giant reported a modest 1.6% decline in its copper production but maintained its 2026 outlook as copper futures reached $13,934 per metric tonne.
Meanwhile, EasyJet, the budget airline, was also flying 2.6% higher after reiterating full-year guidance.
Gains in the FTSE could be limited by the strength of the pound, which trades at multi-year highs above 1.38 on U.S. dollar weakness. A strong pound results in a less favourable exchange rate for multinationals, which account for 80% of the FTSE.”
Share
FTSE 100 hits record high
Britain’s main stock market index has just hit a new record high, lifted by shares in oil companies and miners.
The FTSE 100 shares index has just touched a new peak of 12,259 points, two points above the previous record high hit nearly two weeks ago.
Copper producer Antofagasta is leading the charge; it’s up 11% today, as the copper prices has hit new record levels over $14,000/tonne (see earlier post), and after reporting a 9% increase in quarterly copper production earlier today.
The jump in the oil price today has lifted Shell (+2.1%) and BP (+1.9%); they’re among the larger companies on the Footsie, so are pushing the index higher.
Other mining stocks are also rallying, as AJ Bell investment director Russ Mould explained this morning:
“The FTSE 100 got off to a strong start as gold moved through $5,500 and oil ticked up amid mounting tensions between the US and Iran,
“The mining sector did much of the heavy lifting for the index, buoyed by a positive production update from Glencore and the impact of precious metals strength on Fresnillo and Endeavour. BP and Shell were lifted by a stronger crude oil price.
“Wall Street yesterday greeted the latest Federal Reserve decision with a shrug as interest rates were kept on hold – with much of the action coming after the market close as investors reacted to results from Tesla, Microsoft and Meta. Asian markets were more downbeat as the possibility of conflict in the Middle East was weighed up.”
Share
Updated at 09.20 EST
More Americans filed new claims for unemployment benefit than expected last week, although levels remain low by historic standards.
There were 209,000 new ‘initial claims’ for jobless support, new data shows, ahead of forecasts of 205,000.
The previous week’s total has been revised higher, from 200,000 to 210,000.
The initial claims total is seen as a proxy for layoffs in the US economy, so this suggests American companies are continuing to hold onto workers.
Claims:
1/ Initial claims a little higher at 209K (and last week revised up to 210K), but still really low – about year-ago levels and below 2024 levels, no signs of rising layoffs here. pic.twitter.com/iSeK1U8xYN
— Guy Berger (@EconBerger) January 29, 2026
Share
Gold and oil are both surging today as Donald Trump threatens Iran, reports Raffi Boyadjian, lead market analyst at Trading Point:
Trump’s latest focus is Iran, as the US is sending a “massive armada” to the region, with the President warning Tehran that “time is running out” to make a deal on abandoning its nuclear program. Trump posted on his Truth Social platform yesterday the fleet is “ready, willing, and able to rapidly fulfill its mission, with speed and violence”.
It’s unclear how long the White House is willing to wait for Tehran to come to the negotiating table and whether the US military has already made plans on how to carry out an attack on Iran, or if this is just all a bluff. His recent actions on Venezuela suggest otherwise.
Unsurprisingly, the safe-have gold is extending its record-setting streak today, hitting a new all-time high of just under $5,595/oz. Silver has also set a new record, reaching $120/oz. Other metals are also getting caught up in the speculative trade taking precious metals by storm, as copper futures are up 6% today.
Photograph: Trading PointShare
AstraZeneca to invest $15bn in China through 2030
UK pharmaceuticals girm AstraZeneca has announced plans to invest $15bn in China by 2030, creating thousands of jobs.
The investment, announced during Keir Starmer’s visit to China, will expand AstraZeneca’s medicines manufacturing and research and development operations in the country.
Pascal Soriot, chief executive officer of AstraZeneca, says:
“Today’s landmark investment of $15 billion begins an exciting next chapter for AstraZeneca in China, which has become a critical contributor to scientific innovation, advanced manufacturing, and global public health.
By expanding our capabilities in breakthrough treatments like cell therapy and radioconjugates, we will strengthen our contribution to China’s high-quality development and, most importantly, bring next-generation modalities to patients.”
The move will expand AstraZeneca’s workforce in China beyond 20,000, up from over 17,000 today, and also create thousands of additional jobs across the healthcare ecosystem.
Starmer argues the investment will help the UK economy too, saying:
“Unlocking opportunities for British businesses across the globe and delivering for working people back home is always the driving force behind my international engagements. AstraZeneca’s expansion and leadership in China will help the British manufacturer continue to grow – supporting thousands of UK jobs.”
AstraZeneca’s operations in China haven’t been untroubled. In September 2024, Chinese police have detainen several current and former staff as part of an investigation into possible breaches related to data privacy and importing unlicensed medications.
Share
Dow to cut 4,500 jobs and use AI to help streamline operations
Chemicals producer Dow has become the latest company to announce job losses, as it embraces AI.
Dow says it plans to cut about 4,500 jobs as it aims to simplify and streamline operation, using AI and automation to help.
The plan, dubbed “Transform to Outperform”, aims to increase earnings on an EBITDA basis by at least $2bn.
Chief executive officer Jim Fitterling says:
“This work will further accelerate measures we have already taken to address the prolonged trough and structural industry challenges.”
News of the plan comes as Dow also reports a 9% drop in net sales in the last quarter of 2025, due to a 2% drop in volumes plus lower prices.
Share
Ireland in technical recession after GDP shrinks in Q4
Ireland’s gross domestic product shrank in the last three months of 2025, new data show.
Irish GDP fell by 0.6% in Q4 2025, mainly driven by a contraction in the multinational dominated Industry sector, the Central Statistics Office has reported.
That follows a 0.3% contraction in the third quarter of last year, putting Ireland into a technical recession (two negative quarters of GDP growth in a row).
A chart showing Ireland’s GDP q/q Illustration: Central Statistics Office
However, that’s not the full picture.
For starters, GDP is a bad measure of Ireland’s economy as it’s distorted by the activity of multinational companies based in the Republic.
That was compounded by a surge of pharmaceutical exports to the US early last year as companies tried to beat Donald Trump’s tariffs, which led to weaker demand through the rest of 2025.
A better measure of the domestic economy is modified domestic demand (MDD); unfortunately we don’t seem to have a new reading for Q4 2025 yet.
Reuters says:
GDP is still used to calculate Ireland’s share of activity across the euro zone and Irish GDP was 15.8% higher for the first nine months of the year. MDD rose 4.1% over the same period.
Share
The jump in tech stocks, banks and miners last year has helped Norway’s sovereign wealth fund swell its returns last year.
The Norwegian Government Pension Fund Global has reported a 19.3% return on its equity investments in 2025. This helped to lift the fund’s total value to 21,268 billion kroner (£1.6tn) on 31 December 2025.
Nicolai Tangen, CEO of Norges Bank Investment Management:
“The fund delivered very strong results in 2025. Stocks in technology, financials and basic materials stood out, making a significant contribution to the overall return.”
Share
Brent crude hits $70/barrel
Brent crude oil has now hit $70 a barrel for the first time in four months, after president Trump yesterday warned Iran to make a nuclear deal or face military strikes.
That means the oil pricehas gained around 3% today, lifted by Middle East concerns and the weaker dollar.
As explained earlier, Trump declared that a huge US armada was moving quickly towards the country “with great power, enthusiasm and purpose”, as he urged Iran to quickly ‘Come to the Table’.
Fawad Razaqzada, market analyst at Forex.com, explains:
Rising geopolitical tensions around Iran, combined with a volatile US dollar, are keeping investors cautious. The dollar index has been sliding sharply and is on track for its worst month since last April, continuing a trend where the greenback has struggled to behave like a traditional safe haven.
Instead, investors have been favouring tangible assets such as precious metals. Gold and silver have both benefited from this shift, while oil prices have been supported by escalating tensions in the Middle East.
Brent crude hit $70 for the first time since September after US President Donald Trump warned Iran to strike a nuclear deal or face possible military action. Any escalation could threaten oil flows from a region that accounts for roughly a third of global supply. Traders are also pricing in the risk of Iranian retaliation, including potential disruption through the Strait of Hormuz — a key artery for global energy markets.
Share
Updated at 08.46 EST
Lauren Almeida
British housebuilder Crest Nicholson has warned of a “material uncertainty” over its position as a going concern after its profits came in below previous guidance amid a “subdued” housing market.
The Surrey-based company, which also confirmed it had closed a divisional office with the loss of 50 jobs, said it could breach its banking covenants as soon as April in a “severe but plausible” scenario.
Crest told investors it was in regular dialogue with lenders and maintained “good relationships” with them. It said it was confident it could secure an amendment to the covenants if necessary, but this was “not guaranteed and therefore this represents a material uncertainty related to going concern”.
The warning came alongside the housebuilder’s results for the year to the end of last October, with adjusted pre-tax profit rising by 31% to £26.5m, although that was below its previous guided range of £28-38m.
The company, which is focused on the south of England and the Midlands, said it completed 1,691 homes in the past financial year, at the lower end of its target range of 1,700 to 1,900.
Nevertheless, investors reacted positively, with shares in the company rising 6% in early trading on Thursday, although they have fallen about 18% in the past year.
Some of the weakness in the housing market came from uncertainty around the UK’s November budget, Crest said.
Its chief executive, Martyn Clark, said the results reflected a housing market that “remains subdued”, but noted there were some early signs of improvement.
“Interest rates are easing and inflation has moderated, which should gradually support affordability and consumer confidence,” he said.
Back in August 2024, rival Bellway walked away from a plan to buy Crest Nicholson
This month the housebuilder Taylor Wimpey also said demand remained “muted”, particularly among first-time buyers. Meanwhile Persimmon, another rival in the sector, said it was “not expecting any material improvement in market conditions this year” despite positive signs since Boxing Day and recent reductions in mortgage rates.
Crest, which has struggled in the past few years with cladding issues and other defects on its older books, last year launched its turnaround plan, Project Elevate.
Sam Cullen, an analyst at the broker Peel Hunt, said that while it had “been a tough few years” for Crest, there were “clear signs the business is in a much better shape”, pointing to £79m worth of land sales to help support its balance sheet.
Its weekly rate of open-market sales for each site was 0.51 for the year, compared with 0.48 in 2024.
Share
The surge in the gold, silver and copper prices today is lifting the London stock market too.
Mining stocks are among the top risers on the FTSE 100 share index, with precious metals producer Endeavour Mining up 5.3%.
Copper producer Antofagasta are up 6.2%, with Anglo American 3.8% higher and Glencore up 3.1%.
This has helped to lift the FTSE 100 by 53 points, or 0.53%, to 10,208 points, towards its mid-January record high.
Victoria Scholar, head of investment at interactive investor, says,
“European markets have opened mostly higher with the FTSE 100 up over 0.5%. 3i Group shares have soared to the top of the index, up 13%, set for its biggest daily gain in 6 years thanks to a strong Q3 performance update.
Miners are towards the top of the FTSE 100 today thanks to record highs for copper, gold and silver. Fresnillo, Endeavour Mining, Antofagasta, Anglo American and Glencore are all enjoying gains.
US futures are pointing to a higher open as investors assess a mixed bag of tech earnings – Microsoft fell after-hours while Meta and Tesla staged gains. It comes after the S&P 500 temporarily hit the 7,000 milestone for the first time in yesterday’s session before closing off the highs. Focus turns to Apple’s results after the bell tonight.
Oil prices are trading back up at September highs, after a strong uptrend this week, with Brent and WTI both gaining around 1.5% today, pricing in the US-Iran uncertainty and fears of military escalation.”
Share
