Home / Business and Economy / FTSE 100 Hits Record High, Then Slips as Markets Await BoE News
FTSE 100 Hits Record High, Then Slips as Markets Await BoE News
3 Feb
Summary
- FTSE 100 index reached a record high before slipping.
- AstraZeneca shares fell after a drug bid rejection.
- Miners surged as gold prices experienced a significant rally.
The FTSE 100 index in London reached an all-time peak on Tuesday before paring gains. This fluctuation occurred as shares of AstraZeneca declined significantly after U.S. regulators rejected a new version of its lupus drug, pushing potential approval to the first half of 2026.
Energy stocks like Shell and BP also fell, tracking a dip in oil prices influenced by potential de-escalation in U.S.-Iran tensions. However, commodity-linked stocks, especially miners, provided support. Endeavour Mining and Fresnillo were among the top performers as gold prices staged their largest one-day rally since 2008.
Broader market sentiment was influenced by anticipation of the Bank of England's policy announcement on Thursday, where rates are expected to remain unchanged. Separately, UK grocery inflation eased to 4.0% in the four weeks ending January 25, its lowest point since April, offering some relief to consumers.
