London’s FTSE 100 slipped 0.1% to 10,110 on Monday, retreating from record highs amid renewed concerns over the independence of the Federal Reserve and ahead of key US inflation and UK GDP data. Fed Chair Jerome Powell said the Justice Department had served the central bank with grand jury subpoenas, threatening a criminal indictment, an escalation of the Trump administration’s attacks on the Fed. Meanwhile, gold miners continued their strong run after gold hit another record, with Fresnillo (+5.6%) and Endeavour (+1.8%) among the top performers. On the economic front, a survey by the Recruitment & Employment Confederation and KPMG showed UK employers cut back hiring in December as businesses contended with rising costs and weak sentiment following Labour’s tax-raising budget in November.
