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FTSE 100 down as AI worries knock data providers
The FTSE 100 closed lower on Tuesday as a rally in mining stocks was offset by hefty falls in software, data analytics and advertising companies amid perceived AI threats.
The FTSE 100 index closed down 26.97 points, or 0.3%, at 10,314.59.
The FTSE 250 ended down 135.68 points, or 0.6%, at 23,290.37, and the AIM All-Share closed up 3.99 points, 0.5%, at 818.33.
On the FTSE 100, Relx slid 14%, London Stock Exchange Group tumbled 13%, Experian slumped 8.3%, Sage Group declined 6.5% and Pearson 7.7%.
The sharp falls came after US artificial intelligence firm Anthropic released new ‘agentic AI’ tools for corporate legal teams, including a legal plug-in for its Claude generative AI chatbot.
The US AI company said the tool can automate legal work such as reviewing contracts, triaging non-disclosure agreements, composing briefings and providing templated responses.
The roll-out renewed fears that AI will threaten existing business models, hitting sales and growth.
Relx owns LexisNexis, a provider of information and analytics to law firms, while London Stock Exchange is a financial data provider.
Experian is a credit checker, Pearson a provider of educational content and assessments while Sage sells accountancy software.
In Europe, Dutch publisher Wolters Kluwer fell 13%, while losses spread to the advertising world where WPP slumped 8.7%, and Publicis, which also reported fourth quarter results, which was down 8.9% in Paris.
In the US, data provider Thomson Reuters slumped 16%.
In European equities on Tuesday, the CAC 40 in Paris closed down slightly, while the DAX 40 in Frankfurt eased 0.1%.
Heading higher in London were mining stocks, which rallied after recent falls.
Gold was quoted higher at 4,971.16 dollars an ounce on Tuesday, up against 4,696.11 dollars at the same time on Monday.
Silver rebounded 12% and copper strengthened 4.5%.
The top five blue chip risers were all miners, with Anglo American up 7.3%. Fresnillo up 6.4%, Antofagasta up 6.3%, Endeavour Mining, up 3.9% and Glencore up 3.3%.
“The sharp sell-off in gold over the past few days has encouraged investors to buy on the dip, scooping up the precious metal in their droves and making it sparkle again,” said AJ Bell analyst Russ Mould.
Thursday is the deadline day for Rio Tinto to firm up a bid for Glencore.
On Tuesday, Glencore said Orion Critical Mineral Consortium is looking into buying a 40% stake in Glencore’s interests in its Democratic Republic of Congo assets, Mutanda Mining and Kamoto Copper Co for around nine billion dollars.
On the FTSE 250, Plus500 rose 7.0% after it announced the launch of a US prediction markets platform with a regulated business-to-consumer offering.
The Haifa, Israel-based contracts-for-difference trading platform operator said it entered into the US retail prediction markets segment with the launch of the platform which includes products from Kalshi Exchange, which Plus500 says is the first regulated event-based contracts exchange in the US.
AG Barr jumped 5.7% as it said its annual trading was in line with forecasts, and announced the acquisitions of the Fentimans and Frobishers Juices brands.
The Cumbernauld-based soft drinks manufacturing company said revenue for the year ended January 31 increased by around 4% to about £437 million from £420 million the year before.
The Irn-Bru owner delivered “modest growth” in the second half, it said, with “good performances” from Rubicon and Boost.
Stocks in New York were lower. The Dow Jones Industrial Average was down 0.1%, the S&P 500 index was 0.6% lower, and the Nasdaq Composite declined 1.3%.
PayPal sank 19% after naming a new chief executive as fourth quarter results and guidance missed forecasts.
The San Jose, California-based financial transaction processing services company said performance had been “solid”, but execution “has not been where it needs to be, particularly in branded checkout”.
PayPal said some progress has been made in a number of areas over the last two years, but “the pace of change and execution was not in line with the board’s expectations”.
As a result, PayPal appointed Enrique Lores as president and chief executive, effective March 1.
Mr Lores, who has served on the PayPal board for nearly five years and as chairman since July 2024, succeeds Alex Chriss.
Another change at the top came at Disney which announced chief executive officer Robert Iger will step down next month.
The expected move sees Disney Experiences chairman Josh D’Amaro promoted to the role of chief executive, as widely flagged.
Disney, which reported results on Monday, was down 2.4%.
The yield on the US 10-year Treasury was quoted at 4.29%, stretched from 4.25%. The yield on the US 30-year Treasury was quoted 4.92%, widened from 4.85%.
The pound was quoted higher at 1.3695 dollars at the time of the London equities close on Tuesday, compared with 1.3651 dollars on Monday.
The euro stood higher at 1.1818 dollars, against 1.1804 dollars. Against the yen, the dollar was trading higher at 155.73 yen compared with 155.52 yen.
Elsewhere, CyanConnode soared 19% after announcing it had received a takeover approach from Dubai-based Esyasoft Holding.
The Cambridge-based developer of narrowband radio frequency mesh networks said the possible takeover offer would value it at £35 million, around 9.75 pence per share.
Brent oil was quoted at 67.15 dollars a barrel at the time of the London equities close on Tuesday, up from 66.03 dollars late on Monday.
The biggest risers on the FTSE 100 were Anglo American, up 250.0p at 3,700.0p, Fresnillo, up 234.0p at 3,902.0p, Antofagasta, up 228.0p at 3,868.0p, Endeavour Mining, up 162.0p at 4,272.0p and Glencore, up 16.3p at 517.3p.
The biggest fallers on the FTSE 100 were Relx, down 371.0p at 2,214.0p, London Stock Exchange Group, down 1,054.0p at 7,180.0p, ICG, down 148.0p at 1,656.0p, Pearson, down 75.0p at 894.6p and Experian, down 185.0p at 2,555.0p.
Wednesday’s global economic calendar has a slew of composite PMI readings, eurozone PPI figures and ADP payroll data in the US.
Wednesday’s UK corporate calendar has full-year results from pharmaceuticals firm, GSK.
– Contributed by Alliance News
The speed of price rises in the UK has stayed the same, according to data which was collected before the US-Israel war with Iran began.
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Buying continued at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 1,700 points during the opening minutes of trading on Wednesday. At 10 am, the benchmark index was at 155,730.37, up 1,764.37 points (1.13%).
Buying interest was observed in key sectors, including automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration companies, OMCs, power generation, and refinery. Index-heavy stocks, including ARL, HUBCO, PSO, MARI, OGDC, POL, PPL, HBL, MCB, and MEBL traded in the green.
On Tuesday, PSX ended with moderate gains as thin volumes and profit-taking capped the upward momentum despite supportive global cues and easing geopolitical concerns.
The KSE-100 Index closed at 153,966.36 points, gaining 1,225.99 points or 0.80%.
K-Electric led trading volumes with over 35 million shares exchanged, coinciding with the company’s announcement of a new chief executive earlier in the day.
Market heavyweights, including Engro Holdings, Fauji Fertiliser Company, Lucky Cement, Systems Limited, and Hub Power Company, contributed significantly to the index gains, while banking and select industrial stocks weighed on overall performance.
Despite the rebound, analysts noted that the market remained cautious after last week’s decline, which was driven by geopolitical uncertainty, particularly tensions in the Middle East, and concerns over global energy prices.
Experts suggest that future market direction will depend on regional stability, energy policy developments, and progress in ongoing discussions with the International Monetary Fund.
Globally, stocks rose, and oil fell on Wednesday on reports the US is seeking a month-long ceasefire in its war on Iran, and had sent a 15-point plan to Iran for discussion, raising hopes for a resumption of oil exports out of the Persian Gulf.
S&P 500 futures rose 0.9% in the Asian morning, European futures lifted 1.2%, and Brent crude futures fell about 6% to $98.30 a barrel.
Fed hike odds jump to 26% from 70% cut probability week ago as Middle East war fuels inflation fears
A picture showing $100 bills. SOURCE: REUTERS
Currency markets took a breather on Wednesday, with traders cautious over United States President Donald Trump’s efforts to bring an end to the war with Iran. While Trump told reporters at the White House the US was making progress in talks with Iran, Tehran denied that direct negotiations had taken place, keeping investors on edge.
The US dollar index, which measures the greenback’s strength against a basket of six currencies, was last 0.13% higher at 99.317, with the euro little changed at $1.1603. The British pound was 0.16% weaker at $1.3388 as data showed that British consumer price inflation held at an annual rate of 3.0% in February, unchanged from January’s rate. However, inflation is broadly expected to pick up as the war in the Middle East pushes up prices.
The subdued volatility contrasted with a pickup in equities and a fall in crude oil prices after Trump said on Tuesday the US was making progress in its efforts to negotiate an end to the war.
Read: Trump approval sinks to 36% as fuel prices surge amid Iran war
“For those reacting to every breaking headline around dialogue between the US and its allies and Iran, including speculation of high-level talks and temporary ceasefire proposals, an element of fatigue is now firmly setting in,” said Chris Weston, head of research at Pepperstone Group Ltd in Melbourne.
Against the yen, the US dollar was up a slight 0.2% at 158.99, after the release of minutes from the Bank of Japan’s January policy meeting showed many board members saw the need to keep raising interest rates without any specific pace in mind. The Australian dollar weakened 0.33% to $0.697 after the release of inflation data for February, which showed a 3.7% rise prior to the start of the US-Israeli war with Iran, a slightly slower pace than expected by analysts.
Although markets still anticipate no change in US interest rates this year, expectations of policy tightening are rising. Fed funds futures now imply a 26.1% chance of a 25-basis-point hike at the Federal Reserve’s December meeting, compared to a 69.5% probability of a cut a week ago, according to CME Group’s FedWatch tool.
Read More: Global shares skid as oil surge threatens inflation shock
The Fed may need to keep interest rates steady “for some time” before further cuts are warranted, Fed Governor Michael Barr said on Tuesday, noting continued inflation above the Fed’s 2% target and the risks posed by the conflict in the Middle East.
Bond markets rebounded after a volatile week, with the yield on the US 10-year Treasury bond down 3.4 basis points at 4.356%. “Higher oil prices added to expectations of increasing inflationary pressures and tighter monetary policy,” analysts from Westpac wrote.
In cryptocurrencies, bitcoin climbed 1.6% to $71,202.33, while ether was up 1.2% at $2,174.14.
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