Published by Global Banking & Finance Review®
Posted on January 12, 2026
2 min readLast updated: January 20, 2026
Add as preferred source on GoogleFTSE 100 hits a record close, driven by mining stocks amid U.S. market tensions. Precious metals surge as safe-haven assets gain appeal.
Jan 12 (Reuters) - London's FTSE 100 claimed a record close on Monday, as a rally in resource-focused stocks helped reverse early losses that were driven by market unrest following the Trump administration's renewed attacks on the U.S. Federal Reserve chair.
The blue-chip FTSE 100 closed 0.16% higher. Meanwhile, the domestically focused mid-cap index slipped 0.06% to snap a five-day streak of gains.
U.S. President Donald Trump's administration threatened Fed Chair Jerome Powell with a criminal indictment over his comments to Congress about a building renovation project.
The development could also threaten the U.S. dollar's safe-haven status.
The pound strengthened against the dollar, last up 0.5%, adding some pressure to Britain's export-oriented stocks. But the development prompted investors to flee to safe-haven assets with the index of precious metal miners jumping 5.4%, after gold struck a record high of more than $4,600 an ounce. [GOL/]
Industrial metals and mining index also jumped 2%, powered by copper prices that were seen marching towards record highs. [MET/L]
Several banking stocks fell after Trump on Friday called for a one-year, 10% cap on credit card interest rates, starting on January 20, but did not provide details.
Barclays fell 2.4% and Close Brothers Group slid 2.3%.
Meanwhile, Britain's job market cooled in December as hiring fell for a 39th month, while starting salaries rose, keeping the Bank of England focused on rate cuts after December's move.
A key highlight later this week will be the gross domestic product estimate for November, especially as it comes after finance minister Rachel Reeves' budget announcement.
Among other stocks, semiconductor wafer maker IQE soared 41.4% - its biggest jump since March 2009 - after the company said it expects its revenue and adjusted core profit for fiscal 2025 to be at the upper end of its forecasts.
Oxford Nanopore Technologies was up 9.3% after the biotech firm projected annual revenue growth ahead of its forecast.
Plus500 rose 5.4% after the fintech broker beat expectations for annual revenue and core profit amid aggressive expansion into the lucrative U.S. futures market.
(Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing by Vijay Kishore and Joe Bavier)
The FTSE 100 is a stock market index that represents the 100 largest companies listed on the London Stock Exchange, reflecting the performance of the UK stock market.
Currency hedging is a financial strategy used to protect against potential losses due to fluctuations in exchange rates, often involving the use of financial instruments.
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