10.11.202615:08:08UTC+00FTSE 100 Pares Gains Heading Into the Close

The FTSE 100 surrendered earlier gains on Tuesday to trade roughly flat to slightly lower, dragged down by weakness in energy and mining stocks. Shell and BP fell 2% and 1.3%, respectively, as Brent crude slipped below $90 a barrel for the first time since August amid rising optimism over a potential resolution to the Middle East conflict. Gold miners Fresnillo and Endeavour were among the worst performers, losing around 3.5% and 4%. Major diversified miners Rio Tinto, Glencore, Anglo American, and Antofagasta also retreated, declining between 0.5% and 1.3%.

The broader commodities selloff followed stronger-than-expected US inflation data, which reinforced expectations of further Federal Reserve interest rate hikes and sent gold and silver down more than 2%, while copper fell over 1%. AstraZeneca eased 0.8%.

In contrast, Marks & Spencer rose more than 2.5% after reiterating its goal of cutting £600 million in costs by 2028 and unveiling plans to double its dividend this fiscal year. Bank stocks also held onto earlier gains.