UK's FTSE 100 ends flat amid mixed corporate updates, US inflation data

ReutersJan 13, 2026 5:32 PM

FTSE 100 down 0.03%, FTSE 250 down 0.47%
Oil and defence stocks rise on Iran, Venezuela supply worries
UK inflation expectations fall, but BoE concerns persist
Smith & Nephew weighs on the index of medical equipment makers

Jan 13 (Reuters) - The UK's FTSE 100 ended largely unchanged on Tuesday as investors assessed mixed corporate updates and U.S. inflation data, while energy stocks advanced due to geopolitical tensions in Iran and Venezuela.

The blue-chip FTSE 100 .FTSE closed down 0.03% at 10,137.35 points, following a record close in the prior session. The domestically-focused mid-cap index .FTMC was down 0.47%.

The U.S. inflation report showed core CPI up 2.6% year-on-year, slightly below forecasts of 2.7%. Trump seized on the data, calling it proof that "very low inflation" gives the Fed room for a "big rate cut," renewing his criticism of Chair Jerome Powell.

Markets, however, still expect rates to stay unchanged this month, with the Fed seen holding its benchmark at 3.50%-3.75% at its Jan. 27-28 meeting.

The FTSE 350 Oil & Gas index .FTNMX601010 rose 2.3%, with BP BP.L and Shell SHEL.L gaining about 2% each. Oil prices increased on concerns over lower exports from Iran and Venezuela.

The precious metals and mining index .FTNMX551030 rose 0.7% after gold prices scaled a new high amid refreshed hopes of Fed rate cuts this year. GOL/

Separately, UK inflation expectations fell to 3.6% in December, but Citi said the drop may not fully ease BoE policymakers' concerns about inflation staying above the 2% target.

Smith & Nephew SN.L fell 4% after the medical products maker said it will buy U.S.-based Integrity Orthopaedics in a deal that could be valued at up to $450 million.

The stock weighed on the index of medical equipment makers .FTNMX201020, falling 3.8% to lead sectoral losses. The wider healthcare index .FTNMX201030 fell 0.7%, with heavyweight drugmaker AstraZeneca down 0.8%.

Utilities index .FTUB6510 also dragged, falling 1.8%.

Raspberry Pi RPI.L shares were down 2.3% after the single-board computer maker said its 2026 outlook was clouded by volatility in the supply and price of memory.

Whitbread WTB.L was up 7%, leading individual gains on the FTSE 100 index, after the hotel operator said it expects a lower-than-anticipated hit from business rate hikes announced in the UK's autumn budget.

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