London shares started Tuesday in a steady, quietly optimistic mood, with the FTSE 100 extending Monday’s record finish and holding above the 10,370 mark in early trading. The move keeps the UK’s blue-chip index near fresh highs as global equity momentum, firming sterling, and a calmer oil tape combine to support risk appetite at the start of the session.
In early morning dealing, the FTSE 100 was indicated around 10,372.41, up 30.85 points or 0.30%. The move followed Monday’s powerful climb of 118.02 points, a 1.2% gain that delivered a record close at 10,341.56. Futures pricing ahead of the open had suggested a modest extension, with the index pencilled in around 10,344.36.
The tone in London also reflected a supportive global backdrop. Wall Street finished higher on Monday, with the Dow up 1.1%, the S&P 500 adding 0.5%, and the Nasdaq up 0.6%. In Asia on Tuesday, stocks were broadly stronger, led by a sharp jump in Japan where the Nikkei rose 3.9%, while China’s Shanghai Composite gained 1.2%, Hong Kong’s Hang Seng added 0.3%, and Australia’s S&P/ASX 200 climbed 0.9%.
Early snapshot (delayed price timestamp shown as 3:26 AM EST, Feb 3, 2026)
| FTSE 100 level | 10,372.41 |
| Change | +30.85 (+0.30%) |
| Open | 10,341.32 |
| Previous close | 10,341.56 |
| Day range | 10,330.11 – 10,372.61 |
| 52-week range | 7,544.83 – 10,345.48 |
| YTD return | 4.13% |
| 1-year return | 25.02% |
| P/E ratio | 15.58 |
| Price-to-book | 2.37 |
For readers tracking the index directly, the London Stock Exchange’s FTSE 100 page remains a useful reference for live index context and constituents.
Currency markets also offered a supportive read-through. Sterling was higher against the dollar at $1.3695 on Tuesday morning, up from $1.3651 at the London equities close on Monday. The euro was also a touch firmer at $1.1815 from $1.1804. Against the yen, the dollar eased to ¥155.36 from ¥155.52, a small move that still reinforced the broader impression of a softer dollar tone at the margin.
In Washington, investors weighed fresh policy headlines alongside the familiar drag of a partial government shutdown. President Donald Trump said the US will establish a $12 billion strategic reserve of rare earth elements and other critical minerals, an attempt to reduce reliance on China’s dominant position in refining. Under the plan, US companies would be able to purchase critical minerals from the reserve at pre-agreed prices, designed to limit supply shocks and reduce exposure to abrupt price swings. Most of the funding, $10 billion, is set to come from the US Export-Import Bank, with private investors covering the remaining $2 billion.
The shutdown itself added a second layer of uncertainty, not least for market-moving data. The Bureau of Labor Statistics said the US January jobs report will not be released until government funding resumes. The report, originally due on Friday, will be rescheduled after operations restart. Trump urged the House of Representatives to quickly adopt a spending bill and end the three-day stoppage, which began on Saturday after Democratic support was made conditional on changes to immigration enforcement.
Central bank signals from the Asia-Pacific region also fed into Tuesday’s global mood. Overnight, the Reserve Bank of Australia raised its cash rate target by 25 basis points to 3.85%, citing inflation that is likely to remain above target for some time. Even with policy tightening still in the air, equity markets across the region pressed higher, a reminder that momentum and earnings expectations can dominate in the short run when investors are leaning into risk.
Commodities painted a slightly split picture, with safe-haven demand and energy prices moving in different directions. Gold was higher at $4,885.40 an ounce early Tuesday, up from $4,696.11 late Monday, while Brent crude was marginally lower at $65.94 a barrel from $66.03. For London, that combination can matter: firmer gold often flatters heavyweight miners, while softer oil can ease inflation sensitivity at the margins and reduce pressure on consumer-facing names.
On the UK diary, attention turns to a lighter corporate and data slate. The corporate calendar includes half-year results from Alumasc and Filtronic, while the wider economic calendar features Spanish unemployment figures and a UK update on grocery market share. In a market sitting near record highs, investors will be listening for anything that challenges the cheerful tone: a sharper shift in currency pricing, a surprise in global data, or fresh shutdown headlines that delay key US indicators further into February.
For now, the early message from London is simple: the index has absorbed a record close without losing its footing, and the next leg is likely to be driven by how long the global rally holds together in the face of politics, policy, and the day-to-day churn of data.
