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FTSE 100 LIVE: London boosted by mining stocks as traders await crucial US jobs report

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The FTSE 100 (^FTSE) outperformed its European peers on Wednesday, boosted by commodity prices, after a lacklustre close on Tuesday. Firmer oil (BZ=F, CL=F) prices also supported the index and there were solid gains for basic resources stocks.

Derren Nathan, head of equity research at Hargreaves Lansdown, said: “On quiet days for earnings reports and economic data points, the [FTSE 100] index tends to act as a barometer for commodity prices. Gold (GC=F) prices have strengthened slightly and are at close to two-year highs, supported by strengthening sentiment around US rate cuts this year. Copper and oil are also providing a light tailwind today.”

“US stock futures are erring on the side of optimism ahead of jobs data expected later on. Hopes for a rate cut by the Fed next month have improved slightly after American retail sales unexpectedly flatlined in December, with shares in Costco (COST), Target (TGT) and Walmart (WMT) all ending down on Tuesday.”

It comes ahead of crucial non-farm payrolls data due later today, with forecasts for an increase in hiring from 50,000 in December to 70,000 in January.

The January jobs report usually features annual revisions, which could reveal significant downward adjustments. Fed chairman Jay Powell said in December its economists thought jobs growth was being overestimated by 60,000 a month since April.

Jobs growth in that period has averaged 40,000 per month, meaning revisions could have a material impact on expectations for the Fed’s interest rate decision in March. Odds of a cut stand roughly at one in five.

  • London’s benchmark index (^FTSE) was 0.2% higher in early trade.

  • Germany’s DAX (^GDAXI) dipped 0.4% and the CAC (^FCHI) in Paris also headed 0.4% into the red.

  • The pan-European STOXX 600 (^STOXX) was down 0.2%.

  • Wall Street is set for a positive start with contracts on the S&P 500 (ES=F) and on the tech-heavy Nasdaq 100 (NQ=F) both climbing 0.2%. Dow Jones Industrial Average futures (YM=F) also rose 0.2%, coming off a third straight day of record closes.

  • The pound was 0.3% higher against the US dollar (GBPUSD=X) at 1.3631.

Follow along for live updates throughout the day:

LIVE 4 updates

  • Heathrow at risk of losing Europe’s busiest airport title

    Heathrow risks losing its position as Europe’s busiest airport this year due to a lack of capacity, chief executive Thomas Woldbye has warned. He said this demonstrates why its project to build a third runway is “critical”.

    This summer, the Department for Transport (DfT) is expected to publish the draft Airports National Policy Statement (ANPS), which will provide the framework for making decisions on airport growth.

    That is also when the Civil Aviation Authority (CAA) is scheduled to decide on a long-term model for airport charges, which is a key factor for whether Heathrow will invest in a third runway.

    Parliament will be asked to decide on the final ANPS in the autumn.

    Mr Woldbye said:

    Some 84.5 million passengers passed through the west London airport’s four terminals last year, a 0.7% increase from 83.9 million in 2024.

    Its growth trails other European rivals because its two runways are full.

    Heathrow’s passenger numbers were only narrowly ahead of Istanbul last year, which had 84.4 million passengers (up 5.5%).

    Paris Charles de Gaulle was ranked third with 72.0 million passengers (up 2.5%), followed by Amsterdam Schiphol with 68.8 million passengers (up 2.9%) and Madrid with 68.1 million passengers (up 3.0%).

    In January, Heathrow recorded 6.5 million passengers, a 2.0% increase from the same month in 2025.

  • Elliott Management builds stake in LSEG

    London Stock Exchange Group (LSEG.L) caught some support on Wednesday on reports of activist investor Elliott Management taking a stake.

    Shares were up 2.5% at the time of writing after initially jumping 7%. Its stock has fallen by more than 35% in the past year, including the selloff in global software stocks last week that wiped out nearly $1 trillion in their combined value.

    The investment represents Elliott’s latest significant bet on a blue-chip UK company, as the hedge fund pushes for sweeping changes at oil major BP (BP.L), and remains a large investor in mining group Anglo American (AAL.L). The exact size of the stake is not yet known.

    The FT also reported that Elliott does not want LSEG to consider a full sale or a spin-off of its stock exchange business.

  • Asia and US overnight

    Stocks in Asia were higher overnight, with the Nikkei (^N225) rising 2.3% on the day in Japan, while the Hang Seng (^HSI) rose 0.3% in Hong Kong. The Shanghai Composite (000001.SS) was 0.1% up by the end of the session.

    In South Korea, the Kospi (^KS11) added 1% on the day.

    Across the pond in Wall Street, the dollar slipped as investors weighed weak US consumer data that boosted the case for more interest rate cuts ahead of key jobs figures due later in the day.

    The S&P 500 (^GSPC) slipped 0.3%, and the tech-heavy Nasdaq (^IXIC) was 0.6% down as tech firms pared recent gains amid lingering worries about extended valuations and the vast sums pumped into artificial intelligence. The Dow Jones (^DJI) managed to eke out a 0.1% gain to another record.

  • Coming up

    Good morning, and welcome back to our markets live blog. As usual we will be taking a deep dive into what’s moving markets, and what’s happening across the global economy.

    Looking at the day ahead, data releases include the US jobs report for January, and Italy’s industrial production for December.

    Central bank speakers include the Fed’s Schmid, Bowman and Hammack, along with the ECB’s Cipollone and Schnabel.

    Here’s a snapshot of what’s on the agenda today:

    • 7am: Trading updates: Barratt Redrow, Renishaw, PZ Cussons, Severn Trent, MJ Gleeson

    • 1.30pm: US non-farm payrolls for January

    • 3:30pm: US Crude Oil Inventories

    • 5.30pm: Bank of England policymaker James Talbot gives speech

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