The UK’s FTSE 100 fell on Friday, set to mark losses in the first trading week of 2024, owing to aggressive repricing of early rate-cut bets, while investors looked ahead to US jobs data for clues on the future path of interest rates globally.
The blue-chip FTSE 100 was down 0.6% by 0810 GMT, on track to snap a five-week winning streak.
The mid-cap FTSE 250 index eased 0.5%.
Precious metal miners led the losses among sectors, falling 6.5% to a nearly two-month low on broad selloff.
The index is set to log its worst day in 20 months, if losses hold.
Money markets are now pricing in 130 basis points of interest rate cuts by the Bank of England in 2024, compared with 150 basis points last week.
FTSE 100 flat as miner losses offset gains in personal care sector
Shares of Endeavour Mining dropped 9.6% to a near three-month low after the miner removed CEO Sebastien de Montessus with immediate effect, citing “serious misconduct”.
Investors are now focussed on the US non-farm payrolls data, due at 1330 GMT, to get more clues on when the Federal Reserve will start trimming rates, while also keeping an eye on the S&P Global/CIPS UK construction PMI.
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