13.10.202616:07:29UTC+00FTSE 100 Halts 2-Day Gain

The FTSE 100 surrendered earlier gains to close slightly lower on Tuesday, ending a two-day winning streak, as renewed doubts over the durability of the artificial intelligence rally weighed on global markets following the US open. A pullback in chipmakers overshadowed strong earnings from major US banks, although London’s relatively limited exposure to technology stocks allowed it to outperform several European indices.

London Stock Exchange Group fell nearly 5% after reports it was in talks to acquire credit information platform Octus from UK private equity firm Permira, a move the company later confirmed. Mining stocks also came under pressure, with Antofagasta down 5%, Rio Tinto off 2% and Anglo American weaker by 1.6%.

BP offered some support to the index, gaining more than 3% as investors welcomed further progress in reducing its debt load. The oil major cut net debt by around $8 billion over the past three months, marking a significant strengthening of its balance sheet.