The FTSE 100 started the last week of August higher, up 46 points and trading near 10,862, led by Airtel Africa and Weir Group. US markets opened mixed, with the Dow up 0.2% while the S&P 500 fell 0.4% and the Nasdaq slid 1% as technology shares lagged. Oil prices eased ahead of expected details on US sanctions, with Brent and WTI down roughly 1.5% to 2%. Alibaba shares fell after pricing a US$10.2 billion equity placement to fund further investment in artificial intelligence.

Bitcoin climbed 10% intraday, pushing above $79,000 and setting up its biggest weekly gain in nearly three years. US stocks also edged higher, with the Dow up 0.5% and the S&P 500 and Nasdaq each about 0.4%. US Treasury Secretary Scott Bessent said the government would expand its bond buyback programme, with each buyback exceeding $4 billion.

London shares rose on Friday, with mining stocks leading gains on the FTSE 100. Spot gold traded above $4,500 an ounce and copper held near record levels, boosting the sector. Antofagasta climbed 4% to 3,864p, while Fresnillo and Anglo American rose 3% each and Endeavour Mining gained 3%, with Glencore up 2%. Bitcoin also surged 10% to above $79,000.

The FTSE 100 opened up 11 points. The UK unemployment rate held at 4.9%, while vacancies fell to a five-year low, adding uncertainty ahead of Wednesday’s inflation data. Brent crude rose to $92 a barrel, and the 30-year US Treasury yield touched 5.3%, its highest since 2007. Asian equities were mostly lower, led by a 1.6% drop in Japan’s Nikkei 225.

The FTSE 100 fell 54 points to 10,778, led lower by miners after Antofagasta cut its 2026 copper production guidance. The company lowered its target to 625-655 thousand tonnes from 650-700 thousand tonnes, sending its shares down 5% despite a 27% rise in underlying half-year earnings to $2.84 billion and a higher-than-expected interim dividend. In the US, producer price inflation came in below expectations, helping the Dow Jones Industrial Average and S&P 500 edge up about 0.3%.

UK shares fell, with the FTSE 100 under pressure as mining stocks led declines. Antofagasta dropped 5% after lowering its 2026 copper production guidance, despite reporting stronger-than-expected underlying first-half earnings and announcing a higher-than-expected interim dividend. Scottish Mortgage gained 1.8% in contrast. UK economic output grew 0.4% in the second quarter.

OSB Group reported interim results with profit after tax below expectations, alongside a narrowing net interest margin to 223bps and a sharp rise in impairments to £16 million. Shares fell 13.4% as profitability came under pressure despite a 1.3% increase in the net loan book and 10% growth in originations. The company also cut guidance for its net interest margin.

London equities traded higher in early dealings, led by copper miners as Antofagasta rose 3.5% and Anglo American gained 2.7%, with Glencore also advancing. The move reflected firmer expectations for higher copper prices. Elsewhere, Segro agreed final terms for its £13.5 billion takeover by Prologis, Travis Perkins reported interim results showing a slight revenue decline but a return of price inflation, and HSBC shares lagged.

The FTSE 100 turned higher after an early dip, helped by earnings guidance upgrades from index heavyweights Rolls-Royce and BAE Systems. Rolls-Royce reported first-half revenue of £15.8 billion, up 9% year on year. BAE Systems said first-half orders rose to £16.4 billion, pushing its backlog to a record £84 billion, and lifted its full-year underlying earnings per share growth forecast to 11–13%. Mining stocks including Rio Tinto, Antofagasta, Fresnillo, Shell and Glencore also advanced, while UK gilt yields moved back above 5%.