FTSE 100 Retreats After Slightly Positive Start; Miners Move Higher

(RTTNews) - Despite data showing improvements in British manufacturing and services sector activity in January, U.K. stocks are drifting lower after a positive start Friday morning, weighed down by losses in banking and energy sectors.

U.S. President Donald Trump's call for lower interets rates, and hint at a potential trade agreement with China help limit market's downside.

The benchmark FTSE 100, which edged up to 8,588.29 in early trades, was down 28.59 points or 0.33% at 8,536.61 a few minutes ago.

Data from S&P Global showed UK's Composite PMI rose to a 3-month high of 50.9 in January, from a score of 50.4 in December 2024, according to preliminary estimates. The reading was expected to come in with a score of 50.0

The manufacturing PMI for January came in with a score of 48.2 versus 47.0 in December 2024, and higher than an expected score of 46.9%. Meanwhile, the flash score of Services PMI came in at a three-month high of 51.2, up from 51.1 in December, and against an expected reading of 50.8.

Antofagasta is rising 4%. Glencore and Rio Tinto are up 2.5% and 2%, respectively. Anglo American Plc is up with a gain of 1.85%, while Fresnillo is rising 1.3%.

WPP is climbing 2.7%, while Entain and JD Sports Fashion are gaining 2% each. Prudential, Mondi, Diageo, EasyJet, Spirax Group and Intertek are up 1 to 1.8%.

British luxury brand Burberry soared 13% after reporting a smaller-than-expected decline in its fiscal third quarter sales.

Pearson, Natwest Group, Convatec Group, Lloyds Banking, Marks & Spencer, Aviva, Barclays, Taylor Wimpey, Imperial Brands, United Utilities, Centrica, BAE System, Tesco, Shell, SSE and British American Tobacco are down 1 to 2%.