FTSE 100 hits recent report excessive as gold and silver costs leap once more; SpaceX buys xAI in $1.25tn deal – enterprise reside | Enterprise
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FTSE 100 hits report excessive as miners get well
Britain’s FTSE 100 share index has hit one other report excessive initially of buying and selling.
With a risk-on temper gripping markets, the Footsie has gained 21 factors, or 0.2%, to the touch a recent intraday excessive of 10,362 factors.
This implies the index has risen by 4.3% thus far this 12 months.
Mining shares are again within the high risers; gold and metallic producer Endeavour has jumped by 5%, adopted by rival Fresnillo (+4%).
Copper producer Antofagasta (+2.5%) and Anglo American (+2.3%) are additionally benefitting from a pick-up in commodity costs.
Key occasions
Interactive investor: calm returns to markets
Richard Hunter, head of markets at interactive investor, says “a way of calm descended after the valuable metallic ructions, opening the door for buyers to purchase on the dip”.
The technical and sentiment pushed declines discovered a flooring, which drove a return to a risk-on strategy. In any case, regardless of the dip within the gold value, the commodity stays up by 14% this 12 months and by 87% over the past 12 months, which suggests a wholesome correction was overdue with out essentially indicating a elementary change.
FTSE 100 hits report excessive as miners get well
Britain’s FTSE 100 share index has hit one other report excessive initially of buying and selling.
With a risk-on temper gripping markets, the Footsie has gained 21 factors, or 0.2%, to the touch a recent intraday excessive of 10,362 factors.
This implies the index has risen by 4.3% thus far this 12 months.
Mining shares are again within the high risers; gold and metallic producer Endeavour has jumped by 5%, adopted by rival Fresnillo (+4%).
Copper producer Antofagasta (+2.5%) and Anglo American (+2.3%) are additionally benefitting from a pick-up in commodity costs.
India’s inventory market rallies on US commerce deal
India’s inventory market has jumped after Narendra Modi and Donald Trump agreed a commerce deal.
Trump introduced final evening that India has agreed to cease shopping for Russian oil as he introduced plans to chop US tariffs on Indian exports.
US tariffs on Indian exports are set to fall from 25% to 18%, the president mentioned, claiming that India would “likewise transfer ahead to cut back their Tariffs and Non Tariff Obstacles towards the USA, to ZERO”.
Though full particulars of the deal haven’t been launched, the Sensex inventory index has jumped by 2.8% thus far at the moment.
India’s foreign money has additionally strengthened, with the rupee gaining 1.4% to 90.20 per greenback.
Jim Reid, Deutsche Financial institution’s market strategist, credit the restoration on sturdy US financial knowledge yesterday:
Markets have seen an enormous turnaround over the past 24 hours, with the S&P 500 (+0.54%) closing simply shy of its report excessive, with one other +0.25% achieve in futures this morning after being over -2% decrease than present ranges this time yesterday.
The restoration had a number of drivers, however the largest was the ISM manufacturing index, which unexpectedly surged to its highest stage since 2022. In order that led to rising optimism on the 2026 outlook, together with a basic risk-on transfer.
South Korea’s KOSPI index has additionally bounced again strongly from hefty losses yesterday.
The KOSPI, which fell over 5% on Monday, has surged by 6.8% at the moment – its largest every day rise since 24 March 2020.
Nikkei closes at report excessive
Japan’s Nikkei share common has surged by nearly 4% at the moment, amid a wider inventory market rally.
The Nikkei 225 rose 3.92% to shut at 54,720.66, a report excessive and its largest every day achieve since October 25, because the rebound in gold and silver helped to calm market nerves.
SpaceX buys xAI in $1.25tn deal
The largest enterprise information of the morning is that Elon Musk’s SpaceX has acquired his synthetic intelligence enterprise xAI for $250bn.
The transfer consolidates two key a part of Musk’s empire, giving the newly merged firm a paper valuation of $1.25trn…. as SpaceX prepares to to public later this 12 months.
Acquired the merger docs for xAI. It is a completed cope with spaceX valued at $1 trillion and xAI at $250 billion. SpaceX now owns xAI. $tsla
— Ross Gerber (@GerberKawasaki) February 2, 2026
The 2 corporations introduced the deal on Monday in a press release on SpaceX’s web site, saying the merger would kind..
“probably the most bold, vertically-integrated innovation engine on (and off) Earth, with AI, rockets, space-based web, direct-to-mobile system communications and the world’s foremost real-time info and free speech platform”.
SpaceX, one of many world’s most beneficial non-public corporations, will achieve xAI properties equivalent to its Grok chatbot and the social media platform X. The acquisition comes as Musk has pursued plans to place datacenters and solar-powered satellites in area as a method of powering synthetic intelligence, an immense and exorbitantly costly endeavor.
Introduction: Gold and silver rally resumes
Good morning, and welcome to our rolling protection of enterprise, the monetary markets and the world financial system.
And welcome to Turnaround Tuesday too. After tumbling on Monday, treasured metals and Asia-Pacific inventory markets are each recovering at the moment.
Gold’s up 4.5% this morning at $4,877 an oz, fairly a restoration from yesterday’s $4,403oz, whereas silver’s picked up 6.5% to $84.70.
That also leaves gold 12% shy of final week’s report highs, after its worst day because the early Nineteen Eighties on Friday, when silver skilled its worst intraday collapse ever.
However it’s potential that the worst of the “metals meltdown” is behind us, after some extremely speculative, leveraged merchants had been pushed out of the market by the turbulence of current days.
Ipek Ozkardeskaya, senior analyst at Swissquote, says:
With leveraged speculative positions flushed out, buyers could really feel they’re returning to a freshly cleaned playground, albeit cautiously.
The long-term outlook for gold stays bullish. The components supporting gold costs since final 12 months stay firmly in place: commerce and geopolitical uncertainty persists; G7 debt dynamics look more and more unsustainable and are more likely to worsen — not solely within the US with the “Massive, Stunning Invoice”, but in addition in Japan and in Europe amid rising defence spending.
The agenda
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9.45am GMT: Treasury Committee listening to on authorities’s monetary inclusion technique.
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8:00am GMT: UK grocery inflation figures for January
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3pm GMT: US JOLTS job openings report
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3pm GMT: Chief Secretary to the Treasury to present proof to Financial Affairs Committee
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