All eyes were on the Federal Reserve and next week’s US interest rate decision as the FTSE 100 flirted with record highs on Friday.

London’s leading index was trading 0.3% higher at 9,328 at the time of writing. The FTSE 100 all-time record closing high sits at 9,321.

Cyclical sectors were among the biggest gainers as investors picked up miners and financials.

“The FTSE 100 pushed higher as investors loaded up on mining shares amid a rise in copper prices,” said Russ Mould, investment director at AJ Bell.

“The broad-based rise in miners also suggests certain investors are in a risk-on mood ahead of the US interest rate decision next week. The Fed is widely expected to cut rates by a quarter percentage point. Such a move could please the market as it makes it cheaper for companies and consumers to borrow money that can then be spent and help accelerate economic growth.”

Glencore added 3% while Antofagasta rose 2%. Anglo American gained 1.4% and was the FTSE 100’s best-performing stock on the week after announcing a merger with Teck Resources.

Beazley was the top riser on Friday, gaining 3.4%.

Poor UK GDP data appeared to weigh on the housebuilding sector, which didn’t join in the cyclically-oriented rally. Taylor Wimpey and Barratt Redrow were largely flat at the time of writing.

“The economy expanded 0.2% in the three months to June, while forecasts had expected growth of 0.3% in line with the previous period,” explained Derren Nathan, head of equity research, Hargreaves Lansdown.

“On a rolling basis, quarterly growth has slowed in each of the last three months, with monthly growth stalling completely in July. This provides further challenge to Chancellor Rachel Reeves to plug the UK’s funding gap without stalling the economy in the forthcoming Budget.”

The doom and gloom around UK GDP was felt in retailers and FTSE 100 REITs. JD Sports was the FTSE 100’s top faller with a loss of 1.4%.

Red Rock Resources has sold its gold royalty interest in Colombia’s El Limon mine back to the mine’s owner, Soma Gold Corp, for £1 million cash plus share subscription rights worth up to C$400,000.

The London-listed natural resources company announced yesterday that it had divested the royalty it has held since 2015. As part of the deal, Red Rock will receive 200,000 subscription rights exercisable over 36 months to purchase Soma shares at C$2 each.

The royalty comprised a 3% net smelter return up to a maximum of $2 million, followed by a 0.5% NSR on a further $1 million of production.

Whilst the royalty has not generated payments for several years, production was expected to resume later this year.

The sale will be seen as a win by investors as they await news on Democratic Republic of Congo legal claims and its Ivory Coast gold portfolio.

“The sale of the royalty back to the mine owner gives Red Rock cash to extinguish liabilities and support working capital, consistent with the priorities set out in our announcement of 21^st July 2025,” said Red Rock Chairman Andrew Bell.

“We believe that the price of c USD1,350,000 plus warrants is a fair one, giving the mine owner a discount to the £1,500,000 at which the asset is carried in our books but accelerating the payment to us and removing our exposure to performance risk of the gold assets concerned.”

Red Rock Resources shares were 15% higher at the time of writing.

Trainline shares steamed 8% higher on Thursday after the group released a positive trading update and announced a fresh £150m share buyback.

Trainline shares had previously been derailed by slowing growth, and investors will hope today’s update means the company is back on track.

The group delivered performance in the first six months of its 2026 financial year that should please investors. Group net ticket sales rose 8% year-on-year to £3.2 billion, tracking towards the upper end of the company’s annual guidance.

Group revenue increased 2% to £235 million, also performing at the top of management’s expectations despite headwinds from reduced commission rates and changes to Google’s search algorithms affecting international bookings.

“Trainline raised its profit guidance and announced a £150m buyback, a move that reflects both strong cash generation and confidence in future growth,” said Lale Akoner, global market analyst at eToro.

“Net ticket sales rose 8% to £3.2B, with standout 34% growth in France as new competition on high-speed routes attracted more passengers.

“The UK business remains solid, but it’s the international side that’s proving Trainline’s ability to capture demand as markets open up. While the UK remains steady, the real driver is European rail liberalisation, where rising competition is fuelling demand and giving Trainline the chance to capture a bigger share of a growing market. Recent momentum in France highlights how structural changes can translate directly into earnings upside.”

Geopolitics were again the main driving force behind UK stocks on Thursday as European defence shares rose for a second session.

The FTSE 100 was trading 0.4% higher at the time of writing, with investors awaiting key US inflation data due for release on Thursday.

“Despite a mixed session on Wall Street last night and a small rise in the Vix volatility index, pockets of Europe and Asia moved higher on Thursday,” says Russ Mould, investment director at AJ Bell.

“The UK’s FTSE 100 led the charge in Europe as defence and energy stocks were at the top of investors’ buy lists. Ongoing geopolitical tensions have led investors to have confidence in the defence sector, believing earnings prospects are strong given a fragile backdrop. BAE Systems’ share price has risen by 45% over the past 12 months and up 271% over five years.”

BAE Systems shares were 4% higher at the time of writing and were the FTSE 100’s top risers. Babcock rose 1.3%.

Away from geopolitical tensions, investors were gearing up US inflation data and potenital signals of what the Federal Reserve will do next week when it meets to decide on interest rates.

“Headline US consumer inflation (CPI) is expected to tick up to 2.9%, the highest since January,” said Matt Britzman, senior equity analyst, Hargreaves Lansdown.

“A hotter-than-expected number could reignite rate fears and test the market’s lofty valuations, while an inline or softer print may reinforce the “Goldilocks” narrative that’s been powering equities to record highs. Core inflation holding steady at 3.1% will be key for gauging how sticky underlying pressures remain.”

Away from BAE Systems, there were few major movers on Thursday morning as investors held off making big bets ahead of inflation data. One would expect this change after 1.30pm when CPI data is released, especially if it’s materially different to economists’ expectations.

Oil shares helped add a number of points to the FTSE 100 index as oil prices held firm after a recent rally.

“Oil producers Shell and BP were in demand despite oil prices taking a breather from the recent rally,” Russ Mould said.

“The industry is undertaking a broad cost-cutting exercise, slashing jobs and pausing projects. However, big oil companies are still making profits, and dividends and buybacks are not under threat at current oil price levels, hence ongoing investor interest in the sector.”