FTSE 100 retreats from record high as tech selloff offsets gains in miners (updated)

Relx

03/02/2026 17:25

FTSE 100 down 0.26%, FTSE 250 down 0.6%

Precious-metal miners rise as gold rebounds

Tech stocks fall amid AI disruption concerns

UK grocery inflation slows; BoE decision on Thursday

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By Tharuniyaa  Lakshmi

Feb 3 (Reuters) - London's FTSE 100 pulled back from a record high on Tuesday as losses in AI-exposed stocks outweighed gains in miners, with investors cautious ahead of the Bank of England's policy meeting later this week.

The blue-chip index .FTSE closed down 0.26%, after hitting an all‑time high of 10,373.28 points during the session.

The technology index .FTUB1010 dropped 11.8% after a sell-off in European software and data-analytics firms accelerated, as updated artificial intelligence models raised fresh doubts about whether incumbent firms can defend their business models.

 Business information group RELX REL.L slid 15%, while exchange operator and data provider London Stock Exchange Group LSEG.L fell 12.7%, as both were caught up in the broader AI-linked selloff.

 Elsewhere, the investment banking index .FTNMX302020 was down 1.5%, while the retail index .FTNMX404010 fell 2.6%.

"If you’re looking globally, risk appetite just isn't fully restored after the metals volatility we've seen since last week. Once the dust in the metals market finally settles, I believe we'll refocus on the broader risk-taking environment," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

Gold staged its biggest one-day rally since 2008, after a two-session commodity-linked stock selloff that traders said was triggered in part by U.S. President Donald Trump's choice for the next chair of the Federal Reserve. GOL/

The precious-metal miners index .FTNMX551030 climbed 5%, snapping a three-day losing streak.

 Heavyweight miners Rio Tinto RIO.L and Anglo American AAL.L ended up 3.4% and 7.2% respectively, as copper also gained after supply concerns and demand prospects offered support to the red metal.

The domestically focused mid-cap index FTSE 250 .FTMC was down 0.6%.

In a busy week of global central bank meetings, the BoE is expected to keep its benchmark borrowing costs unchanged at 3.75% on Thursday.

Separately, UK grocery inflation eased to 4.0% in the four weeks to January 25, its lowest since April, at a time when the BoE is keeping a close eye on food prices for signals on broader inflation pressures.

 (Reporting by Tharuniyaa Lakshmi in Bengaluru. Editing by Harikrishnan Nair and Mark Potter)

 ((tharuniyaa@thomsonreuters.com))