Business
Pound climbs as miners help FTSE 100 nudge higher
The FTSE 100 made modest headway on Monday, supported by fresh gains in mining stocks as gold and silver prices hit new highs.
The FTSE 100 index closed up 5.41 points, 0.1%, at 10,148.85.
The FTSE 250 ended 34.13 points higher, 0.2%, at 23,351.66, and the Aim All-Share closed up 5.74 points, 0.7%, at 828.49.
Miners Fresnillo, Antofagasta and Endeavour led blue-chip risers, up 6.7%, 5.3% and 4.0%, amid strength in metals prices.
Gold was quoted at 5,095.11 dollars an ounce on Monday, after hitting another record high, and up from 4,984.07 dollars on Friday.
Meanwhile, the price of silver leapt 10%, pushing well above the 100 dollar an ounce landmark it hit late on Friday.
Russ Mould at AJ Bell noted: “In less than 18 months bullion has more than doubled in value – buoyed by central bank demand, global turmoil, dollar weakness, and the diminished appeal of other popular defensive assets.”
Tom Stevenson, investment director at Fidelity International, said the yellow metal is the “ultimate risk-off safe haven – and investors have found plenty to worry about so far this year.”
“With government bonds – the traditional safe haven – falling out of favour as concerns mount about the high levels of borrowing around the world… gold has become the go-to for risk averse investors,” he pointed out.
The latest moves came amid increased uncertainty in the US with Mr Mould noting the odds of another US government shutdown have increased as Democrats say they will block the federal spending package over the fallout from the Trump administration’s immigration crackdown.
Wells Fargo said the odds of a government shutdown starting on January 31 have risen sharply.
“Polymarket traders price the odds of a shutdown starting this Saturday at roughly 80%… which strikes us as reasonable based on what we know now,” the broker said.
“Should another extended shutdown occur, it would leave the FOMC in a tricky spot.
“The lack of visibility that arises from receiving limited economic data could thrust an already divided FOMC into a period of stasis.
“Fed officials lamented the lack of clarity on inflation during the last shutdown. We expect they would again use this argument to delay additional cuts.”
The political uncertainty plus speculation of intervention to support the yen sparked further dollar weakness.
ING noted widespread discussion late on Friday that the Federal Reserve started asking banks in New York about their position sizes in USD/JPY, akin to a “rate check”, where a central bank might be preparing the market for physical intervention.
“That the Fed was allegedly doing this and not making clear that this activity was purely on behalf of Japanese authorities”, has led to “understandable suggestions that the US might be on the verge of joint intervention with Japan,” ING said.
The pound was quoted higher at 1.3704 dollars at the time of the London equities close on Friday, compared to 1.3567 dollars on Thursday.
The euro stood at 1.1884 dollars, higher against 1.1758 dollars. Against the yen, the dollar was trading at 153.99 yen, lower from 157.99 yen.
Kathleen Brooks at XTB said in the short term, a stronger yen means a weaker dollar, which is inflationary for the US.
“This is a good way to inflate away some of the US’s debt pile, however, it may cause a big headache for the Federal Reserve.
“The central bank will meet this week, and we expect yen intervention to be a major topic up for discussion, along with the future of Fed independence.”
The Federal Reserve is widely expected to leave interest rates unchanged on Wednesday after three successive cuts.
“The January FOMC meeting is likely to be uneventful, with no change to the fed funds rate, only minor changes to the statement, and few hints about the future policy path,” analysts at Goldman Sachs said.
Goldman thinks the next cut will be in June, with one more in September.
In European equities on Monday, the Cac 40 in Paris closed down 0.2%, while the Dax 40 in Frankfurt ended up 0.1%.
In New York, financial markets were higher at the time of the London equity market close.
The Dow Jones Industrial Average was up 0.4%, the S&P 500 was 0.5% higher, as was the Nasdaq Composite.
The yield on the US 10-year Treasury was quoted at 4.22%, trimmed from 4.25% on Friday.
The yield on the US 30-year Treasury was quoted at 4.81%, narrowed from 4.84%.
Back in London, a report showed short-term inflation expectations increased in January.
According to the latest Citi/YouGov inflation expectation survey year-ahead expectations increased to 3.8% from 3.6% on a single-month basis.
This reverses the last two months of prospective disinflation in the series and brings it to the highest level since October 2025.
On a three-month rolling basis, however, year-ahead expectations fell to 3.7% from 3.8% thanks to the 4.2% reading in October falling out of comparison.
“This move is explicable, given recent data, but it will continue to keep the inflation expectation argument alive for monetary policy despite recent moderation in these series,” analysts at Citi said.
On the FTSE 100, 3i fell 4.9% as RBC Capital Markets downgraded to “underperform” from “sector perform”.
The broker thinks the private equity and venture capital firm’s key investment, discount retailer Action, is “at risk of moving into a period of diminishing returns” because of macro-economic pressures on its customers and increased maturity and competition in its major markets.
On the FTSE 250, Spire Healthcare rose 18% after confirming it is in early-stage discussions for a potential buyout.
The London-based private healthcare company named Bridgepoint Advisers and Triton Investment Advisers as two suitors with whom it had communicated so far.
The Takeover Code gives Bridgepoint and Triton until February 21 – unless an extension is granted – to declare a firm intention to make an offer.
Ninety One soared 8.4% as Bank of America raised to “buy” from “underperform”, while Costain climbed 7.0% after striking a new agreement with the trustees of its defined-benefit pension scheme.
Costain said the deal clears the way for increased shareholder returns, including a £20 million share buyback this year.
The Maidenhead-based construction and engineering firm also intends to almost double its cash dividend payments in 2026 from 2025, starting with the final dividend for 2025.
Brent oil traded lower at 65.43 dollars a barrel on Monday, down from 65.76 dollars late on Friday.
The biggest risers on the FTSE 100 were Fresnillo, up 280.00p at 4,448.00p, Antofagasta, up 191.00p at 3,775.00p, Endeavour Mining, up 176.00p at 4,542.00p, Segro, up 22.40p at 752.00p and Pershing Square Holdings, up 96.00p at 4,646.00p.
The biggest fallers on the FTSE 100 were 3i, down 160.0p at 3,129.0p, Autotrader, down 19.4p at 549.0p, Experian, down 97.0p at 2,932.0p, BT Group, down 5.45p at 182.8p and BAE Systems, down 54.0p at 1,973.0p.
Tuesday’s global economic calendar sees the start of the two-day Federal Open Market Committee meeting and US house price data.
Tuesday’s UK corporate calendar has trading statements from accountancy software provider Sage, boot maker Dr Martens and betting operator Evoke.
– Contributed by Alliance News
Business
Sri Lanka increases fuel prices around 25% as Middle East tensions disrupt global oil supplies – The Times of India
Sri Lanka on Sunday raised fuel prices by around 25 per cent, marking the second increase within a week as the ongoing Middle East conflict continues to disrupt global energy markets, news agency PTI reported.The price revision, effective from midnight, comes as tensions triggered by joint US–Israel strikes on Iran and retaliatory action by Tehran have spread across the Gulf region, leading to the closure of the Strait of Hormuz — a key global energy transit route.According to official announcements, the price of auto diesel rose 26.1 per cent from Sri Lankan rupees (LKR) 303 to LKR 382 per litre, while super diesel increased 25.5 per cent from LKR 353 to LKR 443. Petrol 92 octane climbed 25.6 per cent from LKR 317 to LKR 398, petrol 95 octane rose 24.7 per cent from LKR 365 to LKR 455, and kerosene jumped 30.8 per cent from LKR 195 to LKR 255.This is the third fuel price hike since March 1 and comes as the conflict, which has unsettled global oil markets, entered its fourth week.With the latest revision, retail fuel prices in Sri Lanka are set to return close to levels seen during the 2022 economic crisis, when the country declared its first-ever sovereign default since independence in 1948. The unprecedented financial turmoil at the time forced then president Gotabaya Rajapaksa to resign amid widespread civil unrest.The steep increase has sparked concern among transport operators. Non-state bus owners warned that up to 90 per cent of their fleet could be taken off the roads unless fares are revised.“This is the biggest rise of diesel ever. We will not be able to operate buses without an adequate fare revision. We need a minimum 15 per cent fare hike to stay afloat,” Gamunu Wijeratne, chairman of the Lanka Private Bus Owners’ Association, told reporters.The association threatened a nationwide strike if authorities fail to announce a scheduled fare revision.Responding to the developments, the National Transport Commission (NTC) said the latest diesel price increase, when applied to its fare formula, translates into a rise of more than 10 per cent in current bus fares. NTC Director General Nilan Miranda said Cabinet approval is expected on Monday to implement revised fares, according to media reports.Private operators account for about 65–75 per cent of the island nation’s public transport fleet, while the state-run share stands at around 25–35 per cent.Three-wheeler taxi operators, many of whom use petrol vehicles dominated by India’s Bajaj brand, said the price of commonly used petrol had risen to nearly LKR 400 per litre.“Who would want to ride with us at this rate?” a three-wheeler driver said, as quoted news agency PTI.Apart from state-owned Ceylon Petroleum Corporation (CPC), fuel retailing in Sri Lanka is also carried out by Lanka IOC — a subsidiary of IndianOil –as well as China’s Sinopec and Australia’s United Petroleum. Following CPC’s decision, LIOC and Sinopec also revised their retail fuel prices, media reports said.Opposition leaders criticised the government’s tax policy, claiming that authorities collect about LKR 119 per litre of petrol and LKR 93 per litre of diesel in taxes. They demanded that these levies be scrapped to provide relief to consumers.Analysts warned that the fresh fuel price hike could push inflation higher by 5–8 per cent.Earlier, government spokesman and minister Nalinda Jayatissa said that despite the price revisions, the government continues to bear a monthly subsidy burden of around Rs 20 billion by subsidising diesel by Rs 100 per litre and petrol by Rs 20 per litre.He said that without the revision, the state would have faced an additional financial burden of approximately $1.5 billion. Jayatissa urged the public to consume electricity and fuel “mindfully” and warned against hoarding, calling on citizens to report any such attempts.
Business
Govt orders faster city gas project clearances, hikes commercial LPG allocation to ease supply stress – The Times of India
The government has stepped up efforts to streamline gas distribution and ease supply pressures, directing faster processing of city gas projects while increasing allocations of commercial LPG to key sectors amid a challenging geopolitical environment.The Petroleum and Explosives Safety Organisation (PESO) has instructed its offices to dispose of City Gas Distribution (CGD) applications within 10 days, aiming to accelerate the rollout of piped natural gas (PNG), an official statement said.Commercial LPG consumers in major cities and urban areas have also been advised to shift to PNG as part of a broader strategy to reduce dependence on liquefied petroleum gas. Domestic LPG supply remains stable, with no reported dry-outs at distributorships and normal delivery patterns across the country, the statement said, adding that most deliveries are being carried out through the Delivery Authentication Code (DAC) while panic bookings have subsided, PTI reported.On the commercial LPG front, the government has progressively increased allocations. After restoring 20 per cent supply earlier, an additional 10 per cent allocation linked to PNG expansion reforms was announced on March 18. A further 20 per cent allocation was cleared on March 21, taking total commercial LPG supply to 50 per cent.The latest increase prioritises sectors such as restaurants, dhabas, hotels, industrial canteens, food processing units, dairy operations, community kitchens and subsidised food outlets run by state governments and local bodies. Provision has also been made for 5 kg cylinders for migrant workers.Around 20 states and Union Territories have implemented the revised allocation guidelines, while public sector oil marketing companies are supplying commercial LPG in the remaining regions. In the past eight days, about 15,440 tonnes of LPG have been lifted by commercial entities.Educational institutions and hospitals continue to receive priority, accounting for nearly half of the total commercial LPG allocation. Despite global uncertainties affecting supply, the government indicated that domestic availability remains under control while efforts continue to transition urban consumers towards PNG.
Always products are displayed on a shelf in a supermarket in Sarajevo, Bosnia and Herzegovina October 29, 2024.
Dado Ruvic | Reuters
Rising inflation and ever-changing tariff policies have led to higher prices across store shelves over the past few years, squeezing consumers’ budgets.
An often overlooked example: menstrual products.
The average price of menstrual products, including sanitary pads and tampons, has risen nearly 40% since 2020, from roughly $5.37 per unit to $7.43 per unit, according to February data from Chicago-based market research firm Circana.
Dollar sales from menstrual products have grown by nearly 30% over that same period, according to Circana.
But at the same time, sales of menstrual products — which broadly includes pads, tampons, liners and more — have seen a roughly 6% decrease since 2022, falling incrementally each year, according to data from NielsenIQ.
The data analytics company noted that items across the store have seen average unit price increases, with the dollar volume of consumer packaged goods at large rising 2.7% year-to-date. Those price increases are in line with climbing inflation, with the latest consumer price index in February showing a 2.4% annual rise.
The latest CPI data found that inflation in personal care products in the U.S. has jumped dramatically, up 22.1% in February from January 2020.
But because menstrual products are a necessity for a large portion of the population, those costs may be hurting consumers.
“I do think that we’re at a point where consumers in general are having to choose whether they can buy food for their family, or buy prescriptions for their family. Some things that we do typically define as a necessity, people are finding alternatives for or going without,” said Sarah Broyd, a partner with consultancy firm Clarkston Consulting.
Broyd said the gap between higher prices and declining sales shows consumers may be searching for alternatives out of necessity.
Menstrual products haven’t just been hit by inflation, either. According to government data, the U.S. collected $115 million through tariffs on menstrual products containing cotton in 2025, compared with just $42 million in 2020.
The U.S. imported the majority of its menstrual products from Canada, China and Mexico in 2024, according to the World Bank. President Donald Trump has imposed tariffs on all three of those countries at varying levels over the past year.
Those added costs come on top of the so-called “pink tax,” where some states place a sales tax on menstrual products. According to 2025 data from Statista, Tennessee, Mississippi and Indiana have the highest sales tax on menstrual products at 7%. Products that are deemed “medical devices” are often excluded from sales taxes.
‘A subscription service to be a woman’
For 30-year-old Dafna Diamant, the rising price of menstrual products has become noticeable at the cash register and a drag on her monthly expenses.
The New York resident said she’s noticed her usual pack of roughly 18 tampons rise to somewhere around $25, especially over the past year.
“It’s crazy, and it just feels like as a woman, you have to pay sometimes $50 every couple months,” Diamant told CNBC. “And for some people, it takes a toll on the income.”
Diamant said she feels particularly frustrated because it’s not a monthly expense she can go without. She often buys store-brand period products at retailers like CVS and Walgreens, yet she said she’s still shocked by the sticker price.
“It still feels like a subscription service to be a woman,” Diamant told CNBC. “You have to pay every month to be fertile.”
Even larger companies have felt the effects. Procter & Gamble, the parent company of menstrual product brand Always, said in July that it was raising prices on 25% of its personal care and household products due to a $1 billion total annual tariff impact. It manufactures its Always products across facilities in Maine, Utah and Canada, according to the company.
P&G declined to comment for this story.
Kimberly-Clark, the maker of menstrual product brand Kotex, said on an earnings call in April that the company incurred a total of $300 million in gross costs from tariffs, with more than half of that related to tariffs on China. The company did not respond to CNBC’s requests for comment.
Broyd, the partner at Clarkston Consulting, said menstrual products have been hit with a “triple whammy” of rising raw material costs, inflation across energy and supply chains, and cross-border friction from tariffs.
“When you think about plastic and pulp and some of the main components of feminine care products, they’re largely probably coming from overseas and then getting hit with that much more of tariffs,” Broyd said.
She added that these tariffs are on top of already alleged higher levies on other women’s products, the subject of Congress’ Pink Tariffs Study Act introduced last year by Democrats to determine whether the U.S. tariff system is “regressive” or has a “gender bias.”
As prices continue to shoot up, Broyd said she believes companies will continue to reevaluate their portfolios and potentially sell off their feminine care segments to focus on businesses with higher margins. In November, Edgewell Personal Care sold its feminine care business to a company in Sweden for $340 million.
“You’re seeing these more niche, more startup type brands that are popping up in stores. … That’s the biggest growth,” Broyd said. “People that have the ability to flex up and buy more organic or products that they trust, they’ll spend that price premium. But for other consumers that don’t have the discretionary income to do that, they’re going to trade down and go private label, or go without.”
The rise of reusables
Diamant said she and her friends are now trying period underwear instead of single-use products to streamline their expenses.
A growing number of people have been trying reusable period products, primarily because they’re environmentally friendly and cheaper.
Major manufacturers have often relied on brand loyalty for their products, which could take a hit if consumers turn to alternatives.
“If you’re in fem care, you’re going to be using Kotex for 40 years. If you’re in Depend, you’re going to be using Depend for 40 years, right?” Kimberly-Clark CEO Michael Hsu said on a November earnings call. “There is long-duration frequency. There’s a lot of expenditure for consumers, and so because of that, they want to have an ongoing relation with us.”
Saalt, a reusable period products company offering cups, discs and underwear, said it estimates that 16% to 20% of U.S. consumers have tried or used reusable menstrual products, consisting of mostly younger consumers.
“Affordability is huge,” CEO Cherie Hoeger told CNBC. “When you look at our product, a cup or disc can last 10 years, and our product is only in the $30 price range. … They’re able to save up to $1,800 on the lifespan of that cup or disc, and that’s on the low end.”
Saalt, which launched in 2018, hit revenues of eight figures in its third year of business, Hoeger said. The company declined to disclose details of its financials, but she said demand has grown year-over-year since it launched.
Among Generation Z, Hoeger said the top reason for switching to reusables is pricing.
“They usually have some affinity toward sustainability and climate change, but it’s never their number one,” Hoeger said.
The rise of reusables may be contributing to the declining sales of single-use period products over the past few years. It also coincides with recent studies indicating that tampons could contain lead or other harmful ingredients. The Food and Drug Administration investigated the presence of metals and determined there was no risk.
Riding that momentum, other companies like Knix, MeLuna, Flex and more have entered the reusables space and garnered growing market share as consumers search for alternatives.
“Affordability is the crux; it’s the root problem,” Hoeger said. “Without affordability for these period products, you have real economic consequences for women to happen.”
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