Stock prices in London closed mixed on Tuesday, after an underwhelming retail sales reading from the US.

Meanwhile, in the UK, Prime Minister Sir Keir Starmer sought to move on from speculation about his future after fending off serious calls to step down.

The Labour leader told a meeting of government ministers that they were “strong and united” after he vowed not to walk away from office just 19 months into a five-year term.

Sir Keir’s position had looked precarious on Monday, when Scottish Labour leader Anas Sarwar demanded his resignation for appointing Peter Mandelson as US ambassador, despite knowing he had maintained links to convicted sex offender Jefferey Epstein.

“The truth is that, at the moment, no potential successor is willing to step forward,” Commerzbank analyst Michael Pfister commented.

“Local elections are coming up in the spring, and there are fears that the Labour Party will suffer significant losses. It is questionable whether any potential successor would dare to come forward before then.”

The FTSE 100 index closed down 32.39 points, 0.3%, at 10,353.84. The FTSE 250 ended up 129.27 points, 0.6%, at 23,469.30, and the AIM all-share closed down 1.65 points, 0.2%, at 815.39.

Coca-Cola HBC was the second-highest UK blue-chip, up 4.7%.

The Zug, Switzerland-based soft drinks bottler, reported net profit of 940.4 million euros (£818.91 million) for 2025, rising 15% from 820.6 million euros (£714.54 million) in 2024, while net sales revenue climbed to 11.60 billion euros (£10.10 billion), up from 10.75 billion euros (£9.36 billion), driven by organic revenue growth of 8.1%.

Coca-Cola HBC proposed a 1.20 euros (£1.04) dividend, up 17% from 1.03 euros (89p). It guided for 2026 organic Ebit growth of 7% to 10%, and expects organic revenue to rise 6% to 7%, in line with its medium-term target range.

BP was down 3.2%.

The London-based oil major will reduce capital expenditure in 2026, cut operating costs, and pursue its 20 billion US dollar (£14.63 billion) disposal programme.

Also, it is suspending its share buyback programme, saying excess cash will be used instead to reduce debt to create a “strong platform” from which to invest in its “distinctive deep hopper of oil and gas opportunities”.

On AIM, Switch Metals jumped 14%.

The mining explorer, which is focused on developing battery and technology metals mines in the Ivory Coast, has identified additional tantalum-rich alluvial targets at its Issia project following the completion of a targeted alluvial work programme.

Stocks in New York were higher. The Dow Jones Industrial Average was up 0.3%, the S&P 500 index up 0.1%, and the Nasdaq Composite up marginally.

Apple was down 0.1%, and Alphabet Class A shares lost 1.9%.

The UK Competition and Markets Authority on Tuesday said it secured commitments from Apple and Alphabet’s Google to improve fairness in app store processes.

The UK competition watchdog said the California-based technology companies with a combined market share of more than 99% of global mobile operating systems have agreed commitments “to deliver immediate improvements in certainty, transparency and fairness for thousands of UK businesses dependent on app stores to serve their customers.”

The commitments include an app review which aims to ensure that Apple and Google review apps to be distributed on their app stores in a fair, objective and transparent way without discriminating against apps which compete with their own.

The yield on the US 10-year Treasury was quoted at 4.14%, narrowing from 4.21%. The yield on the US 30-year Treasury was quoted at 4.78%, narrowing from 4.86%.

This follows data published by the US Census Bureau showing that retail sales were lower than anticipated in December.

Advance estimates of US retail and food services sales for December were virtually flat at 735.0 billion US dollars (£537.88 billion) in December, compared to 735.1 billion US dollars (£537.95 billion) in November when they had risen 0.6%. The FXStreet-cited consensus had expected monthly growth of 0.4% in December.

Separately, the US Bureau of Labour Statistics reported that US import prices edged up 0.1% monthly in December, lower than 0.4% in November and below an expected uptick of 0.2%.

US export prices, meanwhile, advanced 0.3% in December, lower than 0.5% in November but ahead of an expected increase of just 0.1%.

Finally, ADP Research reported that for the four weeks ending January 24, US private employers added an average of 6,500 jobs a week, higher than an average of 5,000 a week for the four weeks ending January 17.

Also in the US, commerce secretary Howard Lutnick on Tuesday denied having connections to the late convicted sex offender Jeffrey Epstein, as he came under fire from lawmakers calling for him to step down.

“Over a 14 year period, I did not have any relationship with him. I barely had anything to do with that person,” Mr Lutnick told a Senate committee hearing.

In European equities on Tuesday, the CAC 40 in Paris closed up 0.1%, while the DAX 40 in Frankfurt ended down 0.1%.

The pound was quoted higher at 1.3661 US dollars (£1) at the time of the London equities close on Tuesday, compared to 1.3612 US dollars (99p) on Monday. The euro stood at 1.1901 US dollars (1 euro), higher against 1.1814 US dollars (99 cents). Against the yen, the dollar was trading lower at 154.23 yen (99 cents) compared to 157.04 yen (1.01 dollars).

Brent oil was quoted at 68.82 dollars a barrel at the time of the London equities close on Tuesday, slightly down from 68.85 dollars late on Monday.

Gold was quoted at 5,011.70 US dollars (£3,668.49) an ounce, down against 5,068.99 US dollars (£3,710.63

The biggest risers on the FTSE 100 were Croda International, up 275.0p at 3,201.0p, Coca-Cola HBC, up 200.0p at 4,478.0p, Burberry, up 50.0p at 1,225.5, Berkeley Group, up 160.0p at 4,272.0p, and Barratt Redrow, up 13.7p at 389.1p.

The biggest fallers on the FTSE 100 were Standard Chartered, down 109.0p at 1,790.0p, Babcock International, down 65.0p at 1,364.0p, Antofagasta, down 17.0p at 3,648.0p, St James’s Place, down 53.0p at 1,449.0p, and Hiscox, down 50.5p at 1,453.4p.

Wednesday’s economic calendar includes Chinese consumer and producer inflation data, and US nonfarm payrolls figures.

Wednesday’s UK corporate calendar includes third-quarter results from James Hardie Industries, and half-year results from both Renishaw and Barratt Redrow.

– Contributed by Alliance News

The Government has “two months to save the UK steel industry”, a director of the country’s biggest steel firm has warned.

Russell Codling, director of markets business development at Tata Steel UK, warned MPs on Tuesday that the sector is “teetering on the brink” and needs urgent state support.

He told Parliament’s Business and Trade Committee that the sector is at threat due to fears of further cheap Chinese imports flooding the market.

“At the moment to date, whilst the UK Government is working very hard on this, we are not in a position to be protecting the UK industry, which is putting the UK steel industry at severe threat,” the boss said.

He called on the Government to follow the footsteps of the EU and US, with import tariffs designed to benefit regional steel sectors.

Currently, there are safeguards in place imposing a 25% tariff on specific imported steel products, but this expires in June.

Tata called for immediate action from the Government to announce a replacement system or extent the current safeguards.

Mr Codling added: “Frankly speaking, the UK Government has two months to save the UK steel industry because this is a death knell for the industry at large and its supply chains.

“If the UK doesn’t act we won’t have a steel industry not many months from now.

“We need action, we need action now, that needs to be in position by July 1.”

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