Stock prices in London were mixed at Tuesday midday as the gold price traded a tad lower and as investors await US consumer price index inflation data.
The FTSE 100 index was down 9.21 points, 0.1%, at 10,131.75. The FTSE 250 was down 148.59 points, 0.7%, at 22,888.60, and the AIM All-Share was up 0.36 points, 0.1%, at 797.22.
The Cboe UK 100 was down 0.2% at 1,016.03, the Cboe UK 250 was down 0.7% at 19,967.44, and the Cboe Small Companies was up 0.3% at 17,907.49.
In European equities on Tuesday, the CAC 40 in Paris was down 0.6%, while the DAX 40 in Frankfurt was down 0.1%.
Markets largely shrugged off concerns on Monday over President Donald Trump’s latest attack on Federal Reserve independence, even as he galvanised senior Fed figures who sharply criticised the criminal investigation into Chair Jerome Powell, calling it an ‘unprecedented attempt’ to undermine the central bank’s autonomy.
‘The FTSE 100 held steady just below its recent record highs early on Tuesday despite the ongoing geopolitical tensions which have been a feature of 2026 so far,’ said AJ Bell head of markets Dan Coatsworth.
‘After the recent noise around the independence of the Federal Reserve, new inflation data may offer some clarity about whether there is a case for a near-term interest rate cut following mixed jobs numbers last week,’ he added.
Stocks in New York were called lower. The Dow Jones Industrial Average was called down 0.1%, the S&P 500 index down 0.2%, and the Nasdaq Composite down 0.3%.
The yield on the US 10-year Treasury was quoted at 4.20% on Tuesday, widened from 4.19% on Monday. The yield on the US 30-year Treasury was at 4.86%, stretched from 4.84%.
The pound was quoted at $1.3472 early on Tuesday in London, up from $1.3468 at the equities close on Monday. The euro stood at $1.1669, down from $1.1677. Against the yen, the dollar was trading at JP¥158.84, higher compared to JP¥158.12.
JPMorgan kicked off the US earnings season, with Chief Executive Officer Jamie Dimon saying markets ‘seem to underappreciate’ potential hazards.
JPMorgan Chase reported fourth-quarter managed net revenue rose to $46.77 billion from $43.74 billion a year earlier. Reported net revenue climbed to $45.80 billion from $42.77 billion.
Diluted earnings per share fell to $4.63 from $4.81 year-on-year, while net income declined to $13.03 billion from $14.01 billion.
Dimon said US labour market conditions ‘do not appear to be worsening’ and added that the US economy has ‘remained resilient’.
The bank’s share during pre-market trading in New York rose 0.5% to $325.99.
Small business optimism in the US improved in December, data published by the NFIB Research Foundation showed on Tuesday.
The NFIB Small Business Optimism Index rose to 99.5 points in December from 99.0 points in November, in line with the FXStreet-cited consensus. The index remained above its 52-year average of 98.
NFIB Chief Economist Bill Dunkelberg said: ‘2025 ended with a further increase in small business optimism. While Main Street business owners remain concerned about taxes, they anticipate favourable economic conditions in 2026 due to waning cost pressures, easing labour challenges, and an increase in capital investments.’
Meanwhile, 20% of small business owners reported taxes as their single most important problem, up six points from November and ranking as the top issue. This was the highest reading since May 2021.
In London, Whitbread was the top gainer on the FTSE 100, up 4.8%, after reporting ‘continued strong trading momentum’ in the third quarter. Group sales rose 2% year-on-year to £781 million, supported by accommodation growth in both the UK and Germany.
At the bottom of the index, Kingfisher shares fell 3.2%.
On the FTSE 250, THG was among the biggest decliners by midday, down 4.6%, after being one of the early session’s top gainers, up 5.6%. The Manchester-based group reported before the market open that second-half revenue grew 6.7%, around 14% ahead of the top end of guidance.
Beauty and Nutrition both contributed to the performance, with fourth-quarter revenue rising 3.9% to £527.4 million.
Among smaller caps, Shoe Zone shares slumped 16% after it scrapped its dividend and reported a sharp drop in earnings, which it expects to continue into the new financial year.
The Leicester, England-based footwear retailer said pretax profit plunged 68% to £3.3 million in the 12 months to September 27 from £10.1 million a year earlier.
Revenue fell 7.6% to £149.1 million from £161.3 million, while cost of sales declined 3.5% to £121.5 million from £125.8 million.
Store revenue slid 10% to £113.1 million from £126.1 million, while digital revenue edged up 2.3% to £36.0 million from £35.2 million.
The board did not declare a dividend, compared with 2.5 pence per share last year. However, net cash increased 64% to £5.9 million from £3.6 million.
Brent oil was quoted at $64.98 a barrel in London on Tuesday, up from $63.55 late Monday. Gold traded at $4,587.70 an ounce, down from $4,621.38.
Silver prices climbed on Tuesday, holding above $85 per ounce and remaining near all-time highs. The rally in safe-haven assets was supported by renewed concerns over Federal Reserve independence and heightened geopolitical tensions.
Still to come on Tuesday’s economic calendar are US consumer price inflation data, the US Redbook index and the US monthly budget statement.
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