FTSE 100 Live: Mining Stocks Drive Volatility as Dollar Strengthens and Retail Signals Mixed

The FTSE 100 opened higher on Friday as investors balanced a stronger US dollar, fresh macro uncertainty ahead of key US jobs data, and sharp stock-specific moves driven by corporate news. The index gained 25.91 points to 10,070.60.

Dollar Strength and Macro Backdrop

Sterling weakened to around $1.3415, down nearly 0.2%, as the dollar firmed ahead of the closely watched US non-farm payrolls report for December. 

Market expectations point to job growth of 50,000-60,000, reinforcing the view of a resilient but cooling labour market. 

Despite Federal Reserve officials signalling only one rate cut this year, traders continue to price in at least two cuts, while US 10-year Treasury yields hovered near 4.18%.

Gainers and Losers

Endeavour Mining rose 1.51% to £4,160, backed by firm gold prices, while Anglo American gained 1.50% to £3,179. Precious metals exposure also lifted Fresnillo, up 1.05% to £3,476.

JD Sports Fashion advanced 1.5% to £85.36, while Burberry added 1.16% to £1,350.50, reflecting selective buying in consumer names after recent weakness.

On the downside, Healthcare heavyweight AstraZeneca slipped to 0.88% to £14,052, while RELX declined 0.38% to £3,136 and Intertek edged lower by 0.39% to £4,600.

Berkeley Group declined 0.35% to £4,008.

Glencore Jumps on Merger Talks

Glencore shares have jumped 8% to £447.1, its highest level since July 2024, after Rio Tinto confirmed talks over a potential merger. 

Rio fell 2.5% to £6036. Last night’s disclosure represents the second round of talks after discussions came to nothing at the end of 2024. 

Retail and Consumer Trends

Sainsbury’s reported strong grocery sales growth of over 5%, helping it gain market share for a sixth consecutive Christmas period. 

However, broader sector data showed UK footfall down nearly 3% year-on-year, highlighting continued pressure on discretionary spending.

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Global Market View

The Dow Jones Industrial Average last night rose 0.6%, whereas the S&P 500 index was flat and the Nasdaq Composite finished 0.4% lower.

In Asia, Tokyo's Nikkei 225 up 1.6%, Hong Kong's Hang Seng up 0.3% and Shanghai's SSE Composite up 0.9%. In Seoul, the Kospi is up 0.8%, but Mumbai's BSE Sensex has shed 0.8%. 

The price of Brent Crude is 1% higher at $62.60 a barrel, while gold is slightly weaker at $4474 an ounce.