Miners weigh on FTSE 100 as investors await UK budget

UK stocks slipped on Wednesday as miners were hit by sliding metal prices, although some positive earnings reports helped limit losses as investors awaited the government's spending plan. Traders are now awaiting UK finance minister Rishi Sunak's budget statement later in the day, though his plans for higher corporate tax and national insurance contributions alongside more spending are already known.

UK stocks slipped on Wednesday as miners were hit by sliding metal prices, although some positive earnings reports helped limit losses as investors awaited the government's spending plan. The commodity-heavy FTSE 100 index slipped 0.1% by 0729 GMT, with miners declining 1.5% as prices of aluminium and other metals fell after coal prices tumbled on China's intervention plans.

Miners Glencore, Rio Tinto and Anglo American fell between 1.3% and 2% in morning trade. The domestically focussed mid-cap index inched up 0.1%.

Harry Potter publisher Bloomsbury Publishing announced an increase in dividend after reporting a strong rise in half-year revenue and profit, pushing its stock up 5.1%. Traders are now awaiting UK finance minister Rishi Sunak's budget statement later in the day, though his plans for higher corporate tax and national insurance contributions alongside more spending are already known.

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