The FTSE 100 Index Opens 0.78% Lower

The FTSE 100 Index is falling 83 points. Losses were driven by Fresnillo (-3.78%), Antofagasta (-3.70%) and Endeavour (-2.91%). Biggest rises came from Barratt Redrow (2.58%), ICG (2.57%) and Burberry (1.99%).

The FTSE 100 declined over 0.5% to 10,460 points on Wednesday, hitting its lowest level since June 24. Mining stocks, particularly precious metals miners, led the drop as investors reacted to China’s slower-than-expected Q2 GDP growth. As a major metals consumer, China’s economic uncertainty weighs heavily on mining sectors. China’s GDP rose 4.3% year-over-year, the slowest pace in over three years and below both market forecasts of 4.5% and the government’s 4.5%-5% annual target. Chilean miner Antofagasta fell over 3% despite maintaining its copper production outlook, while Fresnillo (-2.9%), Endeavour (-2.6%), Anglo American (-1.7%), Rio Tinto (-1.4%), and Glencore (-1%) also declined. Adding to concerns, rising crude prices raised fears of sustained inflation and prolonged higher interest rates. Markets now anticipate two rate hikes in 2026, with a September increase already priced in.

The FTSE 100 Index gained 21 points or 0.20 percent on Tuesday to close at 10520 points. Gains were led by Airtel Africa (3.37%), Glencore (3.21%) and Rio Tinto (3.04%). Biggest losers were Pearson (-6.68%), Smith & Nephew (-3.64%) and Intercontinental Hotels (-3.60%).