- FTSE 100 down 44 points to 10,261
- Wall Street subdued
- US GDP print underwhelms
- Precious metals miners under pressure
5.15pm: Another losing day
European and US stocks were little changed on Friday, as Brent crude oil rose above the $100 per barrel mark. The FTSE 100 closed down 44 points at 10,261.
“Most commodity prices were little changed on the day with Brent crude remaining above the $100 mark amid no signs of de-escalation in the Iran conflict,” IG chief technical analyst Axel Rudolph said. “The only exceptions were natural gas and silver prices, both down around 3%, and coal trading nearly 3% to the good.”
3.40pm: Back to parity
UK blue-chips ran out of steam after the US made a rather dull start to Friday's session with Dow up and the two other major indices standing pat.
Dampening the mood stateside was the US GDP print. The world's largest economy slowed sharply in the final months of 2025, with gross domestic product, the broadest measure of national output, growing at just 0.7% annualised in the fourth quarter, down from an initial government estimate of 1.4%.
The 43-day federal shutdown, which hammered government spending at a 16.7% annualised rate, stripped 1.16 percentage points from quarterly growth.
Consumer spending also lost momentum, rising at 2% against 3.5% in the third quarter.
For the full year, GDP expanded 2.1%, below both the prior estimate of 2.2% and 2024's 2.8% reading.
2.01pm: Blue-chips in the green
Blue-chips held the gain line going into the afternoon session after a back-foot start to Friday's trading. Financial and traditional safe-haven stocks were at the vanguard, while engineering stocks such as Weir, IMI and Smiths led the losers.
Up 1.6%, Admiral benefited from an upgrade from RBC, which moved to 'outperform' from 'sector perform', lifting its price target to 3,560p from 3,100p, after the company set out multi-year profit and earnings-per-share growth targets for the first time in its history.
The bank's analysts said Admiral's decision to commit to higher earnings-per-share growth over 2025-30 than the 7.6% compound annual growth rate it delivered over the previous five years was the key driver of the more positive stance.
11.45: Footsie turns positive
The FTSE 100 headed into positive territory shortly before noon, gaining 18 points to 10,323, recovering from a sharp fall in early trading.
Wall Street futures have also perked up, capping a volatile week for markets. Futures for the Dow Jones, the S&P 500 and the Nasdaq are all pointing to gains of around 0.3% when the US market opens.
Perhaps a pullback in the rampant oil price has something to do with it.
Saxo Markets' Neil Wilson points out that crude oil prices dipped by around 2% after India stated it has an oil tanker moving out of the Strait of Hormuz. Brent crude slipped below $99 a barrel.
"Too early to comment or speculate on what this means, but markets are still very much trading the headlines and keen to latch on to any shred of good news," Wilson commented.
10.25am: FTSE 100 retraces losses as US futures gain
The FTSE 100 has retraced most of its losses mid-morning, and Wall Street futures have turned positive.
London's benchmark index is now just 11 points down at 10,293.88, with Mondi PLC (LSE:MNDI) now the biggest decliner, down 3.2%. Precious metals miners Fresnillo and Endeavour Mining remain under pressure, down 3.1% and 2.1% respectively.
US markets look set to open higher after steep losses this week. Dow Jones futures are up around 0.2%, followed closely by those for the S&P 500. Nasdaq futures are about 0.1% higher.
In Frankfurt, the DAX is down 0.4%, while the Paris CAC 40 is 0.5% lower.
10am: Small-cap stocks on the move
ATOME PLC (AIM:ATOM) jumped 24% to 61.5p after the company secured $420 million in debt financing for its new low-carbon fertiliser plant in Villeta, Paraguay. The 15-year package, partly concessional, will cut costs and boost returns. The $650 million plant will produce 260,000 tonnes annually using renewable energy, with all output covered by a long-term agreement with Yara International. Read more
Catenai PLC (AIM:CTEA) climbed 18% to 0.31p after the company made a second £250,000 investment in AI startup Alludium, boosting its stake to 16.1%. The no-code AI platform aims to simplify business automation. Catenai also highlighted upcoming repayments from Klarian, a new tech project with Charlton Athletic Community Trust, and a potential Bitcoin treasury policy under review. Read more
Reabold Resources PLC (AIM:RBD, FRA:AWL1) gained 15% after the company announced a share sale to US investors that could raise up to £3 million. The funding will support work on its West Newton gas project, including recompleting the A-2 well. Investors also get warrants, giving Reabold potential to raise more if operations succeed, while bolstering European energy supply. Read more
SkinBioTherapeutics PLC (AIM:SBTX, FRA:5KW) rose 11% to 11.14p after a regulatory filing showed investors Mark H Dixon and Diana Dixon had built a 22% stake in the company. The accumulation comes amid recent turbulence, following the resignation of CEO Stuart Ashman over alleged financial misrepresentation, though the Dixons’ identities and motives remain unconfirmed. Read more
Transense Technologies (AIM:TRT) added 5.6% to 3.7p on Friday after the company landed a £0.6 million role in a Cummins-led UK electric drivetrains project. The DriveSense programme, part-funded by the government, will use Transense’s SAWsense sensors to monitor torque and temperature, helping develop more efficient, durable, next-generation electric motors through December 2026. Read more
9.15am: Miners fall as gold and silver retreat
Precious metals miners are facing a rough session, with Fresnillo PLC (LSE:FRES) down 4.2% and Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF, FRA:6E2) falling 2.7%, as gold and silver eased from recent highs. Gold slipped 0.3% to $5,090 an ounce after nearing $5,300, while silver retreated 1.3% to $82.71, cooling off from late January peaks.
The sell-off reflects growing caution over monetary policy. Expectations of interest rate cuts had fueled the metals rally, with falling rates typically weakening the dollar and supporting non-yielding assets. Signs that central banks may hold steady are reversing that trend.
Both companies have benefited from soaring metals prices. Gold is up 75% and silver up 210% since early 2025, boosting earnings and share prices. Endeavour is a gold-focused miner in West Africa, while Fresnillo produces both silver and gold, making it more exposed to the metals’ pullback. Analysts remain broadly positive on the outlook despite short-term volatility.
8.15am: FTSE falls sharply at the open
The FTSE 100 got off to a rough start as the conflict in the Middle East takes its toll on global markets. As the war ends its second week, Brent crude oil closed above $100 a barrel for the first time since August 2022 despite global efforts to stabilise the market.
Shortly after the open, London's blue chip index was down 79 points at 10,226.28, a loss of 0.77%.
Sports betting and gaming group Entain PLC (LSE:ENT) is leading the decliners, down 2.8%, and Intertek Group PLC (LSE:ITRK) is down 2.3%. But it's the miners exerting the most pressure on the index this morning with Fresnillo PLC (LSE:FRES), Antofagasta PLC (LSE:ANTO) and Anglo American PLC (LSE:AAL) all shedding more than 2%.
Among the gainers, BP PLC (LSE:BP.) is up 1.8%, and Shell PLC (LSE:SHEL, NYSE: SHEL) has gained 0.8% on the elevated oil price. Admiral Group Plc (LSE:ADM) has added 0.6%, and Rightmove PLC (LSE:RMV) is up 0.5%.
7.40am: UK economy flatlines
If the UK economy was hoping for a strong start to 2026, January had other ideas. Growth was flat for the month, not a disaster, but hardly the momentum anyone was hoping for after small gains in November and December.
Zoom out slightly, and the picture looks a touch more encouraging. Over the three months to January, the economy grew by 0.2%, with production output doing most of the heavy lifting. Services, the engine room of the UK economy, managed some growth over the quarter, though it ran out of steam entirely in January itself.
Construction remains the problem child. Despite a small monthly bounce, the sector shrank over the quarter as a whole, and there's little on the horizon to suggest a swift turnaround.
And just when you'd hope for some clear skies, the Middle East conflict is adding a new layer of uncertainty. Higher energy costs and shipping disruptions could nudge inflation back up and squeeze trade, not what a flat-lining economy needs right now.
7.15am: FTSE to start lower as oil prices remain elevated
The FTSE 100 is set to open lower on Friday as tensions in the Middle East enter a second week, keeping oil prices elevated despite efforts to calm markets.
Futures point to a drop of around 34 points for London’s blue-chip index at the open.
The FTSE 100 ended the previous session down 48 points at 10,305 as Brent crude held above $100 a barrel, weighing on equities.
Wall Street also closed sharply lower on fears the conflict could widen. The Nasdaq fell 1.8%, the Dow Jones dropped 1.6%, and the S&P 500 slid 1.5%.
“Several measures have been proposed to ease the oil rally: countries within the International Energy Agency said they would release a record amount of oil from their reserves; the US said it would insure and escort ships through the Strait of Hormuz; and Washington temporarily scrapped a century-old maritime law requiring American-built ships to transport goods between US ports, allowing foreign vessels to step in,” said Swissquote analyst Ipek Ozkardeskaya.
“So far, these efforts have been largely in vain,” she added.
“The strikes in the Middle East, damage to regional oil facilities and the closure of the Strait of Hormuz — with Iran possibly laying mines to prevent ships from passing — continue to keep upside pressure on oil prices tight.”
Asian markets are also weaker this morning. Japan’s Nikkei, Shanghai’s SSE Composite, Hong Kong’s Hang Seng and South Korea’s Kospi are down between 0.8% and 1.8%, while Australia’s ASX 200 ended 0.1% lower.