The U.K.’s main stock index struggled to gain altitude on Tuesday, as loses for mining giants and a slightly stronger British pound limited its gains.
How markets are performingThe FTSE 100 UKX, -0.09% rose less than 0.1% at 7,646.86, after a 0.3% fall for the index on Monday.
The British blue-chip gauge is showing a drop of 0.6% so far this year.
The pound GBPUSD, +0.0313% was at $1.2780, up from $1.2766 late Monday in New York, and stronger against the euro, with the common currency buying £0.8928, compared with £0.9007 late Monday.
What’s moving marketsShares of copper miner Antofagasta PLC ANTO, -6.68% weighed on the British index after the company cited the impact of tariff tensions between the U.S. and other trade partners as it reported earnings. It described the tariff threats as creating “considerable market uncertainty,” though the company said the outlook was strong. Earnings before interest, taxes, depreciation and amortization, or Ebitda, for the six months ended June 30 were $904.2 million, down from $1.08 billion the previous year.
Markets in Europe were somewhat more buoyant as a punishing drop in the Turkish lira USDTRY, -4.3605% GBPTRY, -4.3457% moderated. Market participants are betting that the recent plunge in the country’s currency may not infect other regions in Europe.
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What are strategists saying?“A stabilisation in the Turkish Lira, has helped European markets open slightly higher this morning,” wrote Michael Hewson, chief market analyst at CMC Markets U.K.
“Antofagasta sounded a warning on trade tensions as it unveiled results this morning, which overall contained little in the way of good news,” said Chris Beauchamp, chief market analyst at IG.
Stocks in focusShares of Antofagasta slumped 5.9% after its results.
Other miners fell in tandem, with Fresnillo PLC FRES, -2.33% off 2.4% and Rio Tinto PLC shares RIO, -1.82% down 1.7%.
Meanwhile, insurer esure Group PLC’s stock rose 4% after the company accepted a takeover bid from Bain Capital.
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