The FTSE 100 opened the session on a cautious note as investors reacted to fresh political and monetary uncertainty in the United States. The UK’s blue-chip index slipped 26 points or 0.3% to 10,098.44, tracking weakness in US futures and a broader risk-off mood across global markets.
Market confidence was rattled after US Federal Reserve Chair Jerome Powell disclosed that he had been threatened with a criminal indictment linked to his Senate testimony on the renovation of Federal Reserve office buildings.
The development raised concerns over the independence of the US central bank, pushing S&P 500 futures down about 0.5% and spilling over into European equities.
Gold prices surged close to $4,600 an ounce before settling around $4,571, still up roughly 1.4% on the day.
The rally in bullion reflected heightened risk aversion, while Brent crude oil traded largely unchanged near $63.38 a barrel, signaling subdued demand expectations.
Fresnillo jumped 4.96% to £3,680, supported by the surge in precious metal prices. Endeavour Mining gained 2.67% to £3,998, and Antofagasta added 1.67% to £3,531 as metals sentiment improved.
BAE Systems rose 2.58% to £2,106, benefiting from continued investor interest in defence stocks amid ongoing geopolitical tensions.
On the downside, Barclays fell 4% to £464.8, after comments from US President Donald Trump revived concerns about a potential temporary cap on credit card interest rates.
Ashtead Group declined 3% to £5,426, while Severn Trent fell 2.03% to £2,848, United Utilities dropped 1.89% to £1,218, and 3i Group slipped 1.06% to £2,089.
AstraZeneca also edged lower by 0.72% to £14,114, adding to the overall weakness.
The boss of British Land is to leave the property company at the end of the year, the FTSE 100 firm has said.
Simon Carter is departing after 18 years in the business to become the new chief executive of investment firm P3 Logistics Parks. He will now begin a 12-month notice period.
“The contrarian calls we made post-pandemic have positioned British Land for long-term success,” Carter said.
Heathrow had its busiest ever year in 2025, with the number of passengers passing through the airport over the year passing 84 million for the first time.
The west London hub said it handled almost 84.5 million passengers, up 0.7% from the 83.9 million of 2024.
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