15.07.202607:30:15UTC+00FTSE 100 Drops as Mining Stocks Slide on China’s GDP Slowdown

The FTSE 100 fell more than 0.5% to 10,460 points on Wednesday, its lowest level since June 24, as mining stocks—particularly precious metals producers—led the decline following weaker-than-expected economic data from China. As one of the world’s largest consumers of metals, China’s softer outlook has intensified pressure on the sector.

China’s GDP grew 4.3% year-on-year in the second quarter, its slowest pace in more than three years and below both market expectations of 4.5% and the government’s 4.5%–5% annual target range. The disappointment weighed heavily on London-listed miners: Chilean group Antofagasta dropped more than 3% despite reaffirming its copper production guidance, while Fresnillo (-2.9%), Endeavour (-2.6%), Anglo American (-1.7%), Rio Tinto (-1.4%), and Glencore (-1%) also traded lower.

Sentiment was further undermined by a rise in crude oil prices, which stoked concerns over persistent inflation and the prospect of interest rates staying higher for longer. Futures markets now reflect expectations of two rate hikes in 2026, with an additional increase in September already largely priced in.