FX.co ★ FTSE 100 Extends Losses

On Friday, London’s FTSE 100 dipped by 0.3% to approximately 10,280 points, continuing its decline from the previous session. The downturn was driven primarily by data and software companies, amid growing fears that artificial intelligence could potentially disrupt their existing business models. RELX, a prominent data analytics company, saw its shares drop by over 4%, while London Stock Exchange Group (LSEG) and Experian experienced declines of 2.8% and 1.6% respectively. Additionally, Sage Group, Pearson, and Informa also recorded significant decreases.

The mining sector faced additional challenges as copper and iron ore prices weakened, coinciding with reports that merger negotiations between Rio Tinto and Glencore had failed. Glencore, which has been pursuing a merger with Rio Tinto for over a decade, was reportedly seeking a 40% stake in the combined entity—a condition that led to the breakdown of talks. Consequently, shares of both mining companies fell by more than 1%, with Antofagasta, Fresnillo, and Endeavour also witnessing declines. Conversely, energy stocks outshined the broader market, buoyed by rising oil prices following the initiation of nuclear discussions between Iran and the United States in Oman.