The UK's FTSE 100 scaled a record high on Wednesday, powered by gains in mining and healthcare stocks, while education company Pearson (PSON.L), opens new tab fell after losing a New Jersey contract. The blue-chip FTSE 100 (.FTSE), opens new tab was up 0.3% as of 1010 GMT, following a subdued session the previous day. The domestically focused mid-cap index (.FTMC), opens new tab was down 0.37%.
The precious metals and miners index (.FTNMX551030), opens new tab climbed 1.9% after gold prices jumped 1% to $4,632.03 per ounce, buoyed by softer U.S. inflation data that reinforced expectations of interest rate cuts by the Federal Reserve and stoked demand for safe-haven assets amid geopolitical uncertainty.
"A more interventionist Donald Trump who is pressuring the Fed, demanding corporations do as he wishes, and plans to take Greenland are all driving flows into the relative safety of gold," said Kathleen Brooks, research director at XTB. Separately, Bank of England policymaker Alan Taylor said UK interest rates should keep falling as inflation is on track to hit the 2% target by mid-2026, earlier than previously forecast. London-listed miners rose, with Antofagasta (ANTO.L), opens new tab, Rio Tinto (RIO.L), opens new tab and Glencore (GLEN.L), opens new tab gaining between 1.1% and 2.1%, boosted by higher copper prices. The pharmaceutical index (.FTNMX201030), opens new tab also advanced, up 1.6%, helped by heavyweight AstraZeneca (AZN.L), opens new tab after the drugmaker agreed to buy Boston-based Modella AI, as the industry increasingly uses artificial intelligence to speed up drug discovery.
Capping gains on the FTSE 100, the media index (.FTNMX403010), opens new tab slipped 2.8%, dragged by an 8% drop in Pearson (PSON.L), opens new tab, the benchmark's worst performer. The British education company reported that its biggest division, Assessment & Qualifications, lost a contract with New Jersey, which will be a headwind in the first half of 2026. BP (BP.L), opens new tab fell 1.3% after the oil major said it expects to book $4 billion to $5 billion in fourth-quarter impairments, mainly tied to its energy transition businesses.
