On Monday, February 2, 2026, London’s premier stock index pulled off a surprising gain. Despite a significant retreat in global commodity prices, the FTSE 100 climbed 0.5% to settle around 10,264, proving that its diverse sector mix can weather localized storms.
Thank you for reading this post, don't forget to subscribe!The Tug-of-War: Safety vs. Natural Resources
- The Winners (The Defensives): Consumer staples and healthcare giants acted as the index’s anchor. Unilever (+2.2%) and AstraZeneca (+1.4%) led the charge, as their reliable earnings became highly attractive amidst global market uncertainty.
- The Losers (Commodities): The mining sector faced a “perfect storm.” A stronger U.S. dollar and shifting interest rate expectations hammered gold and copper prices. Endeavour Mining and Fresnillo saw drops of over 5%, while oil majors Shell and BP dipped as crude prices cooled.
Key Market Drivers
| Sector | Movement | Primary Driver |
| Consumer Staples | ▲ Up | Flight to safety; strong performance by Unilever. |
| Mining/Resources | ▼ Down | Falling gold/silver prices and Fed rate jitters. |
| Banking | ▲ Up | Support from a “hawkish” global interest rate outlook. |
The Bottom Line
While the mid-cap FTSE 250 fell 0.3% (weighed down by its smaller mining constituents), the FTSE 100’s heavyweights provided enough cushion to keep the UK’s blue-chip index in the green. All eyes now turn to the Bank of England this Thursday, where the decision on interest rates—currently at 3.75%—will likely dictate the market’s direction for the rest of the week.
