London stocks opened mixed on Monday, with the FTSE 100 edging down 0.1%, the FTSE 250 rising 0.1%, and the AIM All-Share up 0.6%.
Investors are focused on a heavy week of Big Tech earnings, while early trade was influenced by a weaker dollar and gains in metals-related stocks.
The pound strengthened to its highest level since September as the dollar came under renewed pressure amid uncertainty in US policymaking. Debate over possible US-Japan foreign exchange intervention has added to the volatility, with speculation that the Bank of Japan may have intervened last Friday to support the yen, while the Federal Reserve reportedly checked banks’ USD/JPY positions.
Commodity markets extended last week’s gains, particularly in precious metals. Gold rose to $5,111 an ounce, surpassing last week’s record of $4,984, and silver climbed to $109. Metals-related stocks led the FTSE 100, with Fresnillo (LON:FRES) up 4.0%, Antofagasta (LON:ANTO) up 2.6%, and Endeavour Mining (LON:EDV) up 2.5%.
GSK shares increased 0.3% following European Commission approval of its RSV vaccine Arexvy for all adults aged 18 and over.
On the FTSE 250, Costain jumped 9.5% after reaching an agreement with its pension trustees that clears the way for a £20 million share buyback and higher dividends in 2026.
Grainger advanced 1.1% after confirming its Connected Living London joint venture will forward-fund a 195-home build-to-rent project in Chiswick, west London. Barratt Redrow, which is delivering the scheme, rose 0.7%.
Smaller caps saw more volatile moves. Nanoco dropped 14% after ending its sale process and announcing cost-cutting measures, while S4 Capital surged 39% after reporting full-year 2025 trading ahead of guidance, with net debt expected well below consensus estimates.
In the US, Wall Street closed mixed on Friday, with the Dow down 0.6%, the S&P 500 up 0.1%, and the Nasdaq up 0.3%. Investors are preparing for Big Tech earnings this week, with Microsoft, Meta Platforms, and Tesla reporting on Wednesday, followed by Apple on Thursday.