London, Feb 17, 2026, 17:06 GMT — Market closed
The FTSE 100 closed up 0.71% at 10,548.38 on Tuesday, boosted as traders ramped up wagers on a Bank of England rate cut coming next month. Sterling dropped 0.71% against the dollar. Copper took a sharper hit, losing 3.92%, and gold shed 2.81%. Reuters
The shift followed new labour-market numbers showing the economy cooling off. The Office for National Statistics reported unemployment climbing to 5.2% in the final quarter of the year. Annual wage growth, stripping out bonuses, slipped to 4.2%. Private-sector pay growth dropped further, coming in at 3.4%. “The latest UK jobs report keeps the Bank of England firmly on track for a March rate cut,” said ING economist James Smith. Reuters
Most economists surveyed by Reuters pointed to March 19 for the next Bank of England meeting, with 41 out of 63 foreseeing a 25 basis point trim to Bank Rate, bringing it to 3.50%. “We stick to our call for the next Bank Rate cut to come in March and a final rate cut to come in June,” said Sanjay Raja, chief UK economist at Deutsche Bank. Reuters
Banks picked up ground inside the market, with miners and defense stocks trailing as metals lost momentum and demand for havens faded. Antofagasta dropped 5%—this, even after reporting a 52% surge in annual core profit. Plus500 shed 6.4% following news that its CEO, CFO, and CMO will offload a combined 1.5 million shares. Tech traded higher, up 1.7%, with RELX rising 2.3% and Experian climbing 1.3%. Reuters
Shares of InterContinental Hotels Group were in focus after the company rolled out a $950 million buyback plan and put forward a 10% dividend bump, despite signaling a weaker quarter in the U.S. “The RevPAR so far has been positive,” Chief Financial Officer Michael Glover said, talking about revenue per available room. U.S. RevPAR in the fourth quarter slipped 2%, trailing Hilton and Marriott. Reuters
Raspberry Pi caught attention among London’s midcaps after CEO Eben Upton scooped up around 13,224 pounds in shares, paying close to 282 pence apiece, according to a filing. The company, when pressed for details, responded: “There’s nothing from the company side beyond what’s already in the public domain.” Reuters
Plenty of data is on deck for the week. The FTSE 100 edged up 0.26% to close at 10,473.69 Monday, but the FTSE 250 shed 0.22%. Pinewood skidded 32.6% after Apax Partners pulled its buyout offer. Traders are watching for UK inflation and retail sales figures later this week. Reuters
Still, that rate-cut narrative has a fragile floor. A stronger-than-expected CPI print—or any evidence wage pressures aren’t easing as quickly as the market wants—could just as easily torpedo the March cut bet, sending the pound and rate-sensitive stocks tumbling in the opposite direction.
Wednesday brings the UK inflation data, plus Fed minutes dropping later the same day. U.S. GDP hits on Friday. Traders are watching for any geopolitical news that could jolt energy or swing risk appetite. Reuters
