FTSE 100 Edges Lower Amid Mixed Macro Signals

Index Update: The FTSE 100 index, a key benchmark index for the London stock exchange, was trading declined around 0.48% on 28 January 2026. 

Macro Update: In January 2026, the UK economy shows resilient but sluggish GDP growth of roughly 1.3–1.4%, while inflation rose slightly to 3.4% in December and unemployment hit a four-year high of 5.1%, leading most economists to expect the Bank of England to hold the 3.75% interest rate in February before potential further cuts. 

Top Market Movers: Among top gainers on FTSE 100 index, Endeavour Mining PLC (LSE: EDV) witnessed a rise of 2.90% followed by The Sage Group PLC (LSE: SGE) which gained around 2.21%. 

Commodity Update: The U.S. dollar hovered near four-year lows on Wednesday, facing a growing crisis of confidence after President Donald Trump downplayed its recent weakness, which accelerated selling pressure and boosted the yen, euro, and sterling. Gold surged 3.07% to USD 5,277.10, silver jumped 8.69% to USD 115.12, and copper rose 1.35% to USD 13,205.40. Brent crude gained 0.10% to USD 67.66, supported by tighter U.S. supplies amid extreme cold.  

Our Stance: The UK government's primary mission is kickstarting sustained economic growth. Their current stance focuses on fiscal discipline, supply-side reforms like planning overhaul, and a 10-year Industrial Strategy to catalyse private investment while raising living standards for working people. 

FTSE 100: The FTSE 100 slipped 16.58 points to trade10,191.22, yet continues to hold comfortably above the key 9,800 support zone, preserving a stable broader structure. The 21-day and 50-day Simple Moving Averages remain below current levels, providing underlying support and leaving room for near-term consolidation. Momentum has improved, with the RSI turning firmer. Immediate support is placed near 8,950, while resistance is seen around 10,250 and 10,400. 

Source: Charts by REFENITIV