- FTSE 100 down 8 points 9,861
- IPF takeover agreed
- Silver surges
- Fresnillo tops risers
4.37pm: FTSE 100 slips
The FTSE 100 finished a muted session 8 points lower at 9,861 points.
Across the Atlantic, US stocks retreated, led by a 0.6% drop in the Nasdaq. The Dow Jones and the S&P 500 were both down 0.5%.
3.00pm: Muted start on Wall Street
US stocks edged lower Monday as Wall Street kicked off the final three trading days of 2025, a year that has seen wild swings but is likely to close with sizable gains.
The Nasdaq led the retreat, falling 0.6% to 23,461, while the Dow Jones slipped 0.3% to 48,563 and the S&P 500 lost 0.4% to 6,905. The Russell 2000 was relatively flat, down just 0.1% at 2,533.
Volatility was also evident in commodities, particularly precious metals. Silver, which surged to a record above $84 an ounce earlier Monday, plummeted as much as 7% amid a wave of profit-taking. Gold futures also pulled back more than 3%.
“The final trading week of 2025 has begun, and so far, there’s not a Santa rally in sight,” said Kathleen Brooks, research director at XTB. “US futures are lower as the Magnificent 7 get hit, while silver is falling sharply after hitting record highs.”
The pullback in silver came after a stunning 150% surge for the year. Speculative activity, including chatter on X about China’s latest silver export restrictions, added to the volatility, Brooks noted, as investors book profits before the year closes. Copper, meanwhile, reached fresh record highs as industrial demand and tight supply continue to support metals.
1.20pm: Wall Street futures lower
Wall Street futures were under a bit of pressure early Monday as US markets headed into the final three trading days of 2025.
Tech was leading the retreat before the opening bell. Futures tied to the Nasdaq slipped 0.4%, weighed down by weakness in megacaps, with Nvidia and Tesla both down more than 1%.
S&P 500 futures eased 0.2%, while Dow futures were hovering close to the flatline, suggesting a cautious start to another holiday-shortened week.
The pullback comes after stocks wrapped up a shortened Christmas week near record territory. Both the S&P 500 and the Dow notched fresh all-time highs on Wednesday, kicking off the so-called “Santa Claus rally” — the final five trading days of December and the first two sessions of January — a stretch that investors often watch closely for clues about early-year momentum.
12.00: More on the miners
Miners dominated the FTSE 100 risers’ list as copper surged to fresh highs on deficit fears and a wider base metals rally.
Copper traded up to $12,742 per tonne overnight on the London Metal Exchange. It held near $12,421 per tonne this morning. London Metal Exchange copper is up 39% this year.
US COMEX copper slipped 2.45% today after a near 6% jump yesterday. Futures still command a premium to London Metal Exchange pricing on tariff risk.
That spread has pulled about 400,000 tonnes of copper into COMEX warehouses. Supply risks remain centre stage after major mine disruptions through 2025. Aluminium is up 16% year to date and zinc is up 3%. Lead is up 2.2% year to date on growth hopes.
A weaker dollar adds fuel. The dollar index is down 9.3% year to date.
Gold eased to $4,468 per ounce after touching $4,550. Low liquidity amplified the move. Silver briefly hit $83 per ounce and remains speculative after a 151% rise over 12 months.
In China, lithium carbonate rose to $16,510 per tonne on improving battery demand. Traders are watching a February restart at CATL’s Jianxiawo mine. The mine supplies about 3% of global output.
Fresnillo led the pack with a 2.3% gain as silver nudged above $80 an ounce (briefly), followed by copper giant Antofagasta. Glencore and Anglo American were also in the mix.
10.00am: IPF directors back £543m takeover
Very little doing with the index of blue-chip stocks noodling between red and green.
In terms of news flow, there was only one real story: the long-awaited takeover of International Personal Finance, which has been agreed.
The shares rose 5% after the IPF board recommended a £543 million all-cash offer from BasePoint Capital, a US speciality finance group, in a move that would end nearly two decades of life as a London-listed company.
IPF shareholders will receive 235p in cash for each share. They will also be entitled to the 9p final dividend payment.
The offer represents a premium of 31.1% to the closing share price on 29 July, the day before the formal offer period began, rising to more than 60% when compared with average prices over the past year.
IPF provides small-sum consumer loans in nine countries across Europe and Mexico, serving customers who are often unable to access credit from mainstream banks.
8.30am: Blue-chips dip into the red
And we're off. A slow start for blue-chips saw the index open in the red, as the FTSE 100 fell 5 points to 9,866.08.
Mining stocks were the early leaders as the final trading week of the year got underway, with precious metals prices still elevated after a powerful late rally.
Shares in Fresnillo, which is heavily exposed to silver and gold, sat at the top of the blue-chip index in early dealings.
The broader backdrop remains supportive for the sector. Although gold eased by about 1.3% to $4,472 an ounce on Monday morning, it is still heading for its strongest annual performance since 1979, with gains of more than 70% over the year.
Silver briefly pushed above $80 an ounce for the first time before slipping back on profit-taking, while platinum and palladium also touched record levels.
Elon Musk warned that sustained high silver prices could hurt manufacturers, highlighting the wider economic impact of the surge.
Analysts said falling rate expectations, geopolitical risk and supply concerns had fuelled the move, but added that sharp swings now look more likely.
Tepid start predicted
The FTSE 100 looks set to open the post-Christmas session 8 points higher at 9,878.68, taking its cue from a strong end to the year for Asian markets and continued optimism over US interest rate cuts.
Shares across Asia climbed to six-week highs as investors wagered that the Federal Reserve will ease policy further next year, keeping the dollar under pressure.
Precious metals stayed in focus. Silver surged above $80 an ounce for the first time, extending a powerful rally driven by rate-cut expectations and safe-haven demand.
Gold eased slightly but remains on course for its biggest annual gain in decades.
In currencies, the yen edged higher after a mildly hawkish policy summary from the Bank of Japan. European futures signal a firmer open as markets await minutes from the Fed’s latest meeting.