- FTSE 100 down 1.1%, FTSE 250 down 1%
- Informa buyback lifts FTSE 350 Media index
- Precious metal miners gain as gold, silver prices jump
- Data shows UK labour market weakened in December
Jan 20 (Reuters) - UK stocks slipped on Tuesday, swept up in a global risk-off mode after U.S. President Donald Trump vowed to slap tariffs on European nations until the U.S. is allowed to buy Greenland.
The blue-chip FTSE 100 was down 1.1% as of 1042 GMT, set for its biggest one-day drop since November 18. The domestically focused mid-cap index dropped 1%. Both indexes were set for their steepest intraday fall since mid-November.
Trump has threatened to impose an additional 10% tariffs on imports from Denmark, Norway, Sweden and Britain, among others from February 1, unless the United States is allowed to buy Greenland, heightening volatility across global markets.
"What happens next for financial markets will ultimately depend on Trump's actions in the coming days. For now, he is sticking to his guns and said that there is 'no going back' on his Greenland pledge," said Kathleen Brooks, research director at XTB.
Brooks said Trump's comments over Greenland at Davos this week will be critical.
Davos is hosting the World Economic Forum, with world leaders, policymakers and corporate executives scheduled to deliver speeches.
In London, pharmaceutical stocks led losses, down 2.1%, with AstraZeneca down 2.6% after the Anglo-Swedish drugmaker said it would delist its American Depositary Shares and debt securities from Nasdaq.
Ibstock shed 3.9% after the building materials supplier forecast residential construction markets to remain subdued in the near term. It was the biggest loser on the FTSE 250.
Conversely, precious metals miners rose 1.2%, as gold vaulted past $4,700 an ounce for the first time, while silver hovered near record highs, as Trump's tariff threats sparked a flight to safe‑haven assets.
Meanwhile, data showed Britain's jobs market weakened ahead of the government's November budget announcement and wage growth slowed, potentially easing the Bank of England's worries about persistent inflation pressures.
Informa rose 2.6% to top the FTSE 100 after the events organiser launched a £200 million ($269.6 million) share buyback and forecast 6% underlying revenue growth for 2026. The media index was up 0.9%.
Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing by Shinjini Ganguli
Source: Reuters