The British pound fell Tuesday as UK labor market data revealed rising unemployment and slowing wage growth, while the FTSE 100 gained 0.3% at the open. The unemployment rate climbed to 5.2% in the three months to December, up from 5.1% the previous month, reaching its highest level since early 2021, according to Office for National Statistics data.

Wage growth across the whole economy, excluding bonuses, slowed to an annual rate of 4.2% in the three months to December, down from 4.5% in the prior period. These indicators suggest further softening in the UK labor market, potentially increasing pressure on the Bank of England to implement additional interest rate cuts at its next meeting. The pound fell 0.5% against the dollar to 1.3573 as of 0811 GMT.

Meanwhile, Antofagasta PLC reported record EBITDA of $5.20 billion for 2025, up 52% from the previous year, driven by higher copper and by-product prices. Revenue rose 30% to $8.62 billion, with the EBITDA margin widening to 60.3% from 51.8% a year earlier. InterContinental Hotels Group PLC posted a 16% rise in adjusted earnings per share for 2025, reaching 501.3 cents, despite challenges in its Americas business where revenue per available room declined 2% in the fourth quarter.