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FTSE hits record high "fuelled by large-cap miners" and BoE rate cut expectations

ended 10. July 2025

THE FTSE 100 shot to a new all-time high this morning, with experts saying “a cocktail of factors” are driving the rise, naming Trump's mega tariff on copper as one key contributor given the number of mining stocks in the UK's leading index.

John Woolfitt, Director at Atlantic Capital Markets, said: "This morning's move on the FTSE 100 is being fuelled by large-cap miners and has been propelled partly by new US tariffs and ongoing global demand. This momentum is also being compounded by fresh UK employment data showing slower wage growth and higher unemployment, giving weight to increased expectations of Bank of England rate cuts later this year.

“There is also an element of rotation going on as international investors are pivoting away from US tech-heavy markets and toward UK value plays, especially in mining, financials, energy and defence, which are on attractive valuations relative to their US peers. Technical analysts see resistance at around the March intraday high of 8,910 with a close above this level likely to trigger a breakout over 9000.”

David Belle, Founder and Trader at Fink Money, said: “The copper price surge is leading the charge here, as the older industrials and mining stocks get a serious boost from Trump’s latest salvo. This is great for UK FTSE investors. However, we had another net outflow from uk equity funds last month, so although the index is high, it’s still very much unloved.”

Prem Raja, Head of Trading Floor at Currencies 4 You, also said mining stocks were driving the index higher: “With companies like Glencore, Anglo American and Antofagasta heavily weighted in the index, the sharp rise in copper prices following President Trump’s newly announced 50% tariffs on copper imports has had an outsized impact. Copper futures jumped over 13%, reaching record highs, as markets priced in supply disruption and increased demand. This commodity boost has lifted investor sentiment and pushed the FTSE upward. The index’s strong exposure to mining means it often benefits when metals rally, and today’s geopolitical twist has delivered just that.”

Samuel Mather-Holgate, Independent Financial Adviser at Mather and Murray Financial, also said mining stocks were driving the index higher:

"The FTSE 100 is often perceived as a boring bourse but it's anything but today. As the UK's leading index is full of mining stocks, it's reacting to Trump's mega tariff on copper, with the cost of this highly used metal soaring by over 12%. This has translated into mining companies' stock price following suit, and the main beneficiary of that is the UK market. Like everything Trumpian, who knows how long it will last? One post on Truth Social could see things turn on a dime."

Meanwhile, Tony Redondo, Founder at Cosmos Currency Exchange, said “the FTSE 100’s record high is being driven by a cocktail of factors”.

He added: "A weaker pound is one key driver, with approximately 75% of FTSE 100 company revenues coming from overseas, while undervaluation, strong sector performances like Defence and Bank of England rate cut expectations.

“Technicals suggest upside of to 9,000–9,800 in 2025, but risks like inflation, trade policies and economic slowdowns warrant caution. Investors should prioritise diversified, income-focused strategies, monitor macro developments and maintain a long-term outlook to capitalise on the index’s potential.”

6 responses from the Newspage community

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Editor
Samuel Mather-Holgate
Managing Director & IFA at Mather and Murray Financial
The FTSE 100 is often perceived as a boring bourse but it's anything but today. As the UK's leading index is full of mining stocks, it's reacting to Trump's mega tariff on copper, with the cost of this highly used metal soaring by over 12%. This has translated into mining companies' stock price following suit, and the main benefiery of that is the UK market. Like everything Trumpian, who knows how long it will last? One post on Truth Social could see things turn on a dime.
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John Woolfitt
Director at Atlantic Capital Markets
This morning's move on the FTSE 100 is being fuelled by large-cap miners and has been propelled partly by new US tariffs and ongoing global demand. This momentum is also being compounded by fresh UK employment data showing slower wage growth and higher unemployment, which is giving weight to increased expectations of Bank of England rate cuts later this year. There is also an element of rotation going on as international investors are pivoting away from US tech-heavy markets and toward UK value plays, especially in mining, financials, energy and defence on attractive valuations relative to their US peers. Technical analysts see resistance at around the March intraday high of 8,910 with a close above this level likely to trigger a breakout over 9000.
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Editor
Tony Redondo
Founder at Cosmos Currency Exchange
The FTSE 100’s record high is being driven by a cocktail of factors. A weaker pound is one key driver, with approximately 75% of FTSE 100 company revenues coming from overseas, while undervaluation, strong sector performances like Defence and Bank of England rate cut expectations. Technicals suggest upside of to 9,000–9,800 in 2025, but risks like inflation, trade policies and economic slowdowns warrant caution. Investors should prioritise diversified, income-focused strategies, monitor macro developments and maintain a long-term outlook to capitalise on the index’s potential.
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Premium
David Belle
Founder and Trader at Fink Money
The copper price surge is leading the charge here, as the older industrials and mining stocks get a serious boost from Trump’s latest salvo. This is great for UK FTSE investors. However, we had another net outflow from uk equity funds last month, so although the index is high, it’s still very much unloved.
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Prem Raja
Head of Trading Floor at Currencies 4 You
The FTSE 100 hit an all-time high today, driven largely by a surge in mining stocks. With companies like Glencore, Anglo American and Antofagasta heavily weighted in the index, the sharp rise in copper prices following President Trump’s newly announced 50% tariffs on copper imports has had an outsized impact. Copper futures jumped over 13%, reaching record highs, as markets priced in supply disruption and increased demand. This commodity boost has lifted investor sentiment and pushed the FTSE upward. The index’s strong exposure to mining means it often benefits when metals rally, and today’s geopolitical twist has delivered just that.
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Gareth Hazelden
Director at Atlantic Capital Markets
The FTSE 100 hitting fresh record highs is a strong signal that investor sentiment is shifting back toward UK assets. Despite global trade tensions and macroeconomic uncertainty, the UK’s blue-chip index is being buoyed by strong performances in mining, energy, and defence stocks all sectors with global revenue exposure. This rally suggests that investors are increasingly seeking value in established markets outside the U.S., particularly where dividends and international earnings offer a hedge against domestic headwinds.