FX.co ★ FTSE 100 Loses Steam

On Monday afternoon, the FTSE 100 saw a shift from earlier gains to trade relatively flat to lower. Notable declines were observed in major companies such as AstraZeneca and BP, both down by over 1.5%. JD Sports experienced a drop exceeding 5%, and Vodafone fell by more than 3%. In contrast, the mining sector experienced a robust performance. Anglo American rose by over 3%, while Glencore, Rio Tinto, Antofagasta, and Fresnillo saw increases ranging from 1.5% to 2.6%. The banking sector also showed strength, with Barclays, NatWest, Standard Chartered, and Lloyds all posting gains of more than 1.5%. Recent PMI data indicates a modest growth within the private sector, primarily driven by significant expansion in services, although the manufacturing output contracted for the fifth consecutive month, marking the sharpest decline since October 2023. In political news, UK Prime Minister Keir Starmer has confirmed that there will be no adjustments to the government's fiscal rules prior to the fiscal update by Finance Minister Rachel Reeves, scheduled for Wednesday.