London’s FTSE 100 inched down on Tuesday as copper miners weighed heavily on the market, tracking lower copper prices, while positive updates from companies helped contain declines.
The blue-chip FTSE 100 index was down 0.3%, after logging its best session in more than a week on Monday.
The mid-cap FTSE 250 was up 0.1% as of 0719 GMT. Industrial metal miners led declines with a 1.7% loss.
Heavyweights like Rio Tinto and Glencore slipped over 1% each as copper prices were pressured by growing concerns over prolonged weakness in Chinese demand after the country’s latest policy announcements disappointed investors.
The sector hit its lowest level since early April.
Automobile and parts stocks also fell 1.6%, with Dowlais Group, TI Fluid Systems and Aston Martin falling over 1% each, after German automaker Porsche AG cut its sales and profitability outlook.
Energy and precious metal miners also slipped 0.5% and 0.6%, respectively.
Investor focus is on Wall Street giants like Alphabet and Tesla that will report quarterly earnings after the closing bell on Tuesday.
US gross domestic product numbers and inflation data, due later this week, could shed more light on the Federal Reserve’s monetary policy path.
FTSE 100 rebounds amid broader gains; Rentokil surges
Politics continued to make headlines in the US after Vice President Kamala Harris secured support from delegates needed to become the Democrat nominee after President Joe Biden abandoned his reelection bid.
Meanwhile in London, SThree Plc jumped 3.5% after announcing its half-yearly results.
Compass gained 3.2% after the catering group raised its 2024 profit and revenue forecasts for the second time this year despite easing prices.
Beazley rose 2.2% after the insurer said it had no plans to alter its guidance in the wake of Friday’s global IT glitch.
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