London Stocks Slide as Mining Losses Offset Surprise Economic Growth

The London stock market declined for the fourth consecutive day on Thursday, with the FTSE 100 index falling to its lowest level in over two weeks. Despite unexpectedly strong economic growth of 0.3% in June, mining losses weighed heavily on the market.

The decline was led by Antofagasta, which fell 5% after cutting its copper output guidance for 2026 due to a shutdown at its Los Pelambres mine. This move dragged down Rio Tinto and Anglo American by 4.5% and 3.2%, respectively.

The FTSE 350 industrial and precious metal miner indexes also declined, with both falling over 3%. Metal prices continued to fall against a firmer dollar, despite a softer U.S. inflation reading that reduced expectations of a Federal Reserve rate hike next month.