Motocross Stars Shine at Southside New Year’s Special
The engines roared into life at the Southside Motor Sports Park yesterday as the Bermuda Motocross Association hosted its traditional New Year’s Day races. A massive crowd gathered to witness a day of high-flying action and intense competition across several divisions, marking a spectacular start to the 2026 racing calendar.
In the premier Expert class, Allan Degraff showcased his dominance on the dirt once again. Degraff managed to hold off a spirited challenge from Preston Martin to claim the top spot on the podium, demonstrating the technical skill and speed that has become his trademark at the St. David’s track.
The veteran classes provided some of the most competitive racing of the afternoon. In the Over 30 division, Aaron Cannonier took the checkered flag ahead of Lorenzo Burch and Dillon Carreiro. Meanwhile, the Over 40 category saw Ben Zoeller produce a masterclass in consistency to secure first place, finishing ahead of Ashley Simmons and Bobby Lambe in a field that tested the endurance of the island’s more experienced riders.
The future of the sport was also on full display with a packed schedule of youth races. In the 85cc class, A’jahni Foggo stood out with a commanding performance to take the win, followed by Mazaii Tucker and Tinho Tucker Wall. Foggo’s busy day didn’t end there, as he also secured a second-place finish in the Novice division, which was won by the impressive Mikah Alves.
The 65cc division saw King Clarke climb to the top of the standings, edging out Cassidy Spencer-Furbert and Rome Dill. In the 50cc category, A’kyo Cannonier mirrored the success of his older relatives by taking the victory in a tight race against Tiano Tucker Wall and Diego Daniels.
The youngest riders of the day in the PeeWee class proved to be a major draw for the spectators. Eli Philpott displayed remarkable control to finish first in his group, leading Diego Daniels and Kailo Young across the line. The event underscored the growing strength of the local motocross community, with a deep field of talent ranging from the grassroots level to the elite experts.
Swiss face painful task of identifying victims of deadly bar fire
Emanuele Galeppini, a 16-year-old Italian international golfer who lived in Dubai, was the first victim to be identified publicly on Friday
International News via Reuters:
Investigators on Friday set about the painful task of identifying the burned bodies from a blaze that engulfed a crowded bar and killed around 40 people at a New Year’s Eve party in the Swiss ski resort of Crans-Montana.
Emanuele Galeppini, a 16-year-old Italian international golfer who lived in Dubai, was the first victim to be identified publicly on Friday.
So severe were the burns suffered by the mostly young crowd of revellers in the Le Constellation bar that Swiss officials said it could take days before they name all those killed in the fire that also injured well over 100 people, many of them seriously.
Parents of missing youths issued pleas for news of their loved ones as foreign embassies scrambled to work out if their nationals were among those caught up in one of the worst tragedies to befall modern Switzerland.
DESPERATE SEARCH
“I have been searching for my son for 30 hours. The wait is unbearable,” Laetitia, the mother of missing 16-year-old Arthur, told BFM TV, saying she was desperate to know if he was alive or dead, and where.
“If he’s in the hospital, I don’t know which hospital he’s in. If he’s in the morgue, I don’t know which morgue he’s in. If my son is alive, he’s alone in the hospital, and I can’t be by his side.”
Authorities have warned that naming the victims or establishing a definitive death toll would take time because many of the bodies were badly burned.
“All this work needs to be done because the information is so terrible and sensitive that nothing can be told to the families unless we are 100 percent sure,” said Mathias Reynard, head of government of the canton of Valais. Experts were using dental and DNA samples to identify the victims, he said.
The Italian Golf Federation, which named the young Italian golfer as a victim, said it “mourns the passing of Emanuele Galeppini, a young athlete who carried with him passion and genuine values.”
CAUSE UNDER INVESTIGATION
The bodies of those killed in the fire have now all been removed from the bar, a Swiss official told Reuters. Police were still on site to continue investigations into the cause of the tragedy, which Swiss authorities said they were treating as a fire, not an attack.
Some accounts from survivors and footage broadcast on social media suggested that the ceiling of the bar’s basement may have caught fire when sparkling candles got too close.
ITALIAN, FRENCH AMONG THE MISSING
Italy and France are among the countries that have said some of their nationals are still missing.
Australia has also said one of its nationals was injured. Swiss officials have said around 40 people were killed but Italy has put the death toll at 47, based on information from Swiss authorities.
Italian Foreign Minister Antonio Tajani, who is in Switzerland, said that only five of those treated in hospital for injuries were yet to be identified.
Several of those seriously injured are receiving care in hospitals in neighbouring countries, including France and Germany.
‘IT COULD HAVE BEEN US’
Visitors and residents of Crans-Montana, which has the distinction of being not only a popular draw for skiers, but also golfers, were stunned by the inferno. Many knew victims and some said they were lucky not to have been there themselves.
Dozens of people left flowers or lit candles on a makeshift altar at the top of the road leading to the bar which police had cordoned off. Some cried, others quietly hugged one another.
“It could have been us,” Emma, an 18-year-old from Geneva, said outside the cordoned off bar.
“There was an enormous queue so we decided not to go in (to that bar on New Year’s Eve),” she said. “I see those missing and it’s all people our age.”
Elisa Sousa, 17, said she was meant to be there but ended up spending the evening at a family gathering instead.
“And honestly, I’ll need to thank my mother a hundred times for not letting me go,” she said at the vigil for the victims. “Because God knows where I’d be now.”
Reporting by Dave Graham and Emma Farge; Additional reporting by Benoit Van Overstraeten, Christine Chen, Crispian Balmer; Writing by Dave Graham and Ingrid Melander; Editing by Alistair Bell, Raju Gopalakrishnan, Philippa Fletcher
UK factories pick up a bit of speed but outlook worries remain
The S&P Global Purchasing Managers’ Index for manufacturing rose to 50.6, up from 50.2 in November but below an initial “flash” reading for December of 51.2
International News via Reuters:
Britain’s factory sector grew at its fastest pace in 15 months in December, though by less than previously thought, while confidence dipped despite some relief over finance minister Rachel Reeves’ budget, a survey showed on Friday.
The S&P Global Purchasing Managers’ Index for manufacturing rose to 50.6, up from 50.2 in November but below an initial “flash” reading for December of 51.2.
Prior to November, the PMI had been in contraction territory for 13 months in a row.
Stock-building accounted for some of December’s growth and the survey added to the picture of an economy struggling to find momentum in late 2025.
The Bank of England last month forecast zero growth in the fourth quarter when businesses were awaiting possible new tax increases in Reeves’ budget in late November.
She announced 26 billion pounds ($35 billion) of tax hikes but delayed most of them and largely spared businesses, unlike in her first budget in 2024.
New orders grew in December, albeit only slightly, for the first time since September 2024. And there were signs of stabilisation in exports and hiring, which have been weak, the PMI showed.
Rob Dobson, director at S&P Global Market Intelligence, said that in addition to the end of uncertainty about the budget, factories had been helped by carmaker Jaguar Land Rover returning to normal after a cyber-attack shutdown.
“The start of 2026 will show if growth can be sustained after these temporary boosts subside,” Dobson said.
Last month’s interest rate cut by the BoE might help demand, he said, but the PMI’s measure of business optimism fell in December for the first time in three months.
High costs, increased taxation, reduced international competitiveness, geopolitical uncertainty and the possible impact of government policies were listed as causes for concern.
The survey’s measures of inflation picked up. Businesses pointed to higher labour costs, which rose when Reeves hiked a payroll tax in her 2024 budget, for their higher prices.
A final PMI for Britain’s services sector is due to be released on Tuesday. The preliminary version of that survey touched its highest in two months.
($1 = 0.7412 pounds)
Writing by William Schomberg; Editing by Joe Bavier
Poland’s JSW urges unions to accept cost cuts to secure state aid
The cuts would place 80% of the financial burden on employees, union leaders have said, and talks between the management board and unions on Tuesday ended in deadlock
International News via Reuters:
State-controlled Polish miner JSW on Friday warned its employees of irreversible consequences unless unions accepted a rescue plan that includes cost-cutting to ensure government aid.
The cuts would place 80% of the financial burden on employees, union leaders have said, and talks between the management board and unions on Tuesday ended in deadlock.
In an open letter to the unions on Friday, JSW management said a “temporary limitation of the level of labour costs” sought to aid a return to profitability, after a fall in coking coal prices and low demand led to financial losses in 2025.
The letter did not specify whether costs would be lowered by cutting jobs, reducing salaries or both.
Trade unions say the cuts punish workers unfairly for a situation they did not create.
Slawomir Kozlowski, head of the NSZZ Solidarność union at JSW, said in a social media post on Tuesday the proposed deal would place 80% of the financial burden on employees.
Poland’s state assets minister said in December the company needed 3 billion zlotys ($835.05 million) in liquidity to keep operating in 2026 and was seeking loans from banks and a government fund.
The company said the government was willing to provide support if “social partners” cooperated on a restructuring plan.
A fragmented system of worker representation, with dozens of trade unions operating at the company, has complicated talks.
($1 = 3.5926 zlotys)
Reporting by Alicja Surdy and Rafal Nowak; editing by Barbara Lewis
European stocks fly again; precious metals extend sparkling rally
London’s blue-chip FTSE 100 index hit the symbolic 10,000 points mark for the first time on Friday, while the pan-European STOXX 600 index hit another peak while on course for its third consecutive weekly advance
International News via Reuters:
European stocks began 2026 at fresh record highs as investors braced for a year set to test the AI-led rally, usher in a change of guard at the U.S. Federal Reserve, more government spending and potentially more turbulence under Donald Trump’s presidency.
London’s blue-chip FTSE 100 index hit the symbolic 10,000 points mark for the first time on Friday, while the pan-European STOXX 600 index hit another peak while on course for its third consecutive weekly advance.
The STOXX index finished 2025 with its best showing since 2021 on the back of falling interest rates, Germany’s fiscal boost, and a rotation out of lofty U.S. tech names.
Asia, meanwhile, saw Hong Kong stocks kick off 2026 by climbing to a 1 1/2-month high, and markets in Taiwan, South Korea and Singapore hit record highs. Markets in Japan and China were closed.
Precious metals extended their runaway rally from last year, with spot gold up 1.6% to $4,384 an ounce, while spot silver jumped 4.3% to $74.37 per ounce. [GOL/]
Gold’s 2025 rise was its biggest in 46 years, while silver and platinum made their largest gains on record, driven by a cocktail of factors including the Fed’s rate cuts, geopolitical flashpoints, robust central bank buying, and ETF inflows.
Vishnu Varathan, Mizuho’s head of macro research for Asia ex-Japan, said the rally also underscored “hedges against entrenching USD debasement risks.”
S&P 500 futures rose 0.6%, while Nasdaq futures added 1%.
Stocks made strong gains in 2025 as markets weathered a year of tariff wars, the longest government shutdown in U.S. history, geopolitical strife as well as threats to central bank independence.
“The 2025 U.S. equity market rally has been fuelled by AI euphoria, robust corporate earnings, share buybacks and strong retail flows,” said Saira Malik, chief investment officer at Nuveen.
“Bouts of volatility, such as those sparked by macro, geopolitical and policy uncertainty, as well as periodic shifts in sentiment around AI, are likely to remain a feature of equity markets, meaning investors should expect more hiccups in the coming year.”
EYES ON THE FED
Much of investors’ attention this year will also be on the strength of the U.S. economy and the Fed’s policy path.
A slew of economic data delayed by the U.S. government shutdown is due in the coming days and could be key in determining how far rate cuts can go.
Traders have priced in a 15% chance that the U.S. central bank will ease rates this month, though they expect two more cuts this year.
The dollar was flat, with the euro down very slightly at $1.1735, while sterling gave up early gains to steady at $1.3456. [FRX/]
The yen was steady too at 156.79 per dollar, not far from levels that kept investors skittish about possible intervention from Japanese authorities to shore up the ailing currency.
With further easing expected by the Fed this year even as some of its peers look set to hike, that has in turn dragged on the dollar, which in 2025 clocked its biggest annual drop in eight years.
The greenback has also been roiled by Trump’s chaotic trade policies and worries about Fed independence – an issue set to come to the fore this year as the U.S. president prepares to announce Chair Jerome Powell’s replacement later this month.
In commodities, oil prices were a tad lower on Friday after posting their biggest annual loss since 2020.
Brent crude futures were down 0.3% to $60.62 per barrel, while U.S. crude fell 0.4% to $57.20 a barrel. [O/R/]
Reporting by Rae Wee and Vidya Ranganathan; Editing by Shri Navaratnam, Thomas Derpinghaus and Kate Mayberry
Dozens killed, 100 injured in fire at Swiss ski resort bar
Police said the fire broke out at 1:30 a.m. (0030 GMT) as revellers were celebrating in a bar called Le Constellation in the resort in southwestern Switzerland, which locals said was popular with teenagers
International News via Reuters:
Around 40 people were killed and 115 injured when a fire ripped through a crowded bar during a New Year’s Eve party in the upscale Swiss ski resort of Crans-Montana, officials said on Thursday.
Police said the fire broke out at 1:30 a.m. (0030 GMT) as revellers were celebrating in a bar called Le Constellation in the resort in southwestern Switzerland, which locals said was popular with teenagers.
Swiss President Guy Parmelin described the disaster as “one of the worst tragedies our country has ever known” and said most of the dead were young people.
The cause of the blaze, which was initially reported as an explosion, remained unclear but authorities said the fire appeared to be an accident rather than an attack.
Authorities warned that naming the victims or establishing a definitive death toll would take time because many of the bodies were badly burned. Experts were using dental and DNA records to try to identify the dead.
SCENES OF PANIC
Video footage verified by Reuters showed fire spreading from the building, and witnesses described scenes of panic and confusion as people rushed to get out.
“There were people screaming, and then people lying on the ground, probably dead,” said 21-year-old Samuel Rapp, who saw the aftermath of the fire. “They had jackets over their faces.”
The head of the local canton’s police, Frederic Gisler, said around 40 people were presumed to be dead and 115 were injured, most of them seriously. He said it was too early to give details on the identity of the dead and injured but Italian authorities said 6 Italians were still missing and 13 in hospital.
Two young French women who said they were in the bar told France’s BFM TV that they saw the fire start in the basement section of the club after a bottle containing “birthday candles” was held up too close to the wooden ceiling.
“The fire spread across the ceiling super quickly,” one of the two women, who identified themselves as Emma and Albane, told BFM TV. The pair said they were able to climb a narrow staircase to the ground floor and escape the building. Minutes later, the fire had reached the ground floor too, they said.
BFM showed video of a waitress carrying a champagne bottle with a lit “fountain candle” through the bar, one of many in Crans-Montana, a fashionable ski centre with an array of boutiques, luxury hotels and restaurants. But the footage did not show the fire breaking out.
Local prosecutor Beatrice Pilloud said an investigation had been opened into the blaze at the bar, which Swiss company records showed was owned by a French couple, but she said it was too early to comment on any possible safety failures.
“There are still many circumstances to be clarified… The most likely scenario at present is that a widespread fire caused an explosion,” she told a press conference.
VICTIMS FROM SEVERAL COUNTRIES
Witnesses said many of those celebrating in the bar appeared to be from different countries. Foreign governments were calling around to establish whether their nationals were among the victims but were facing a lengthy process because the severity of the burns had rendered identification challenging, one European official said.
“We met the families this afternoon and it’s terrible because to be in front of them with all their fear and apprehension and terrible anxiety and we don’t have all the answers. And we won’t have them straight away because identifying them will take time. It’s a terrible situation on the ground. Unimaginable,” Mathias Reynard, president of the Valais cantonal government, told Reuters, his voice breaking.
Eight French people were missing, the French foreign ministry said, adding that it could not rule out that French nationals were among the dead.
French President Emmanuel Macron spoke to his Swiss counterpart to offer assistance. Three survivors of the fire have been moved to French hospitals and further transfers were under way, the ministry added.
Italy’s ambassador to Switzerland, Gian Lorenzo Cornado, told Sky TG24 that local authorities had told him the fire was started by someone letting off a firework inside the bar.
Witnesses described injured being treated in improvised triage centres set up in a nearby bar and in a branch of UBS bank and said many suffered after coming out of the heat of the bar into the freezing night air.
“And then it was just ambulances coming back and forth as much as possible,” said Dominic Dubois, who witnessed the frantic scenes as the bodies were brought out.
Video footage showed lines of ambulances queuing and helicopters landing to take victims to nearby hospitals and specialist burn units in other Swiss cities, including Lausanne and Zurich. Switzerland’s neighbours, France, Germany and Italy, also offered to treat victims in their own centres.
On Thursday morning, footage from the street outside showed the area cordoned off, with forensic tents behind white screens set up in front of the bar.
Hundreds of people paid their respects to the victims at the top of the road in front of the scene on Thursday evening. Dozens left flowers or lit candles on a makeshift altar in front of the police cordon as a large crowd stood in silence in the frosty night.
Crans-Montana is due to host next year’s Alpine World Ski Championships. Swiss officials said the fire was unprecedented in Switzerland.
“What was meant to be a moment of joy turned, on the first day of the year in Crans-Montana, into mourning that touches the entire country and far beyond,” Parmelin said on the social media platform X.
Additional reporting by Dave Graham in Zurich, Emma Farge in Geneva, Crispian Balmer in Rome, Richard Lough in Paris, Kirsti Knolle in Berlin, Chris Steitz in Frankfurt and Shivani Tanna in Bengaluru; Writing by James Mackenzie and Alistair Bell;Editing by Neil Fullick, Gareth Jones, Philippa Fletcher, Ros Russell and Howard Goller
New York Mayor Mamdani vows to enact democratic socialist agenda
Mamdani, a member of his party’s left-wing democratic socialist faction, was elected last November in a prominent victory that could influence this year’s midterm elections
International News via Reuters:
Democrat Zohran Mamdani became New York City’s mayor on Thursday, vowing during a public swearing-in ceremony on the steps of City Hall to enact an aggressive agenda aimed at making the nation’s largest city more affordable for working people.
Mamdani, a member of his party’s left-wing democratic socialist faction, was elected last November in a prominent victory that could influence this year’s midterm elections that will determine control of the U.S. Congress. Some Democrats have embraced his style while Republicans portray him as a foil on the national political stage.
The 34-year-old campaigned heavily on cost-of-living issues and was sharply critical of Republican President Donald Trump, whose approval rating has fallen over the past year amid economic concerns.
Many of New York’s 8 million residents – some with hope, some with trepidation – expect him to be a disruptive political force. In a speech following his public swearing-in, Mamdani promoted core campaign promises of universal childcare, affordable rents and free bus service.
“We will answer to all New Yorkers, not to any billionaire or oligarch who thinks they can buy our democracy,” he said. “I was elected as a democratic socialist and I will govern as a democratic socialist.”
CROWD CHANTS ‘TAX THE RICH’
The program for Mamdani’s inauguration included remarks by U.S. Senator Bernie Sanders and U.S. Representative Alexandria Ocasio-Cortez, fellow democratic socialists at the vanguard of the Democratic Party’s liberal wing.
Sanders, whom Mamdani calls his inspiration, defended Mamdani’s agenda.
“Making sure that people can live in affordable housing is not radical,” Sanders said. “It is the right and decent thing to do.”
The crowd of several thousand cheered loudly when Sanders called on America’s millionaires and billionaires to pay more in taxes, breaking into a chant of “tax the rich.”
Even with temperatures well below freezing, the city set up a viewing area along Broadway to allow thousands more to watch a livestream of the ceremony, which included musical performances.
Mae Hardman-Hill, 27, volunteered for Mamdani’s campaign and said it felt like his political momentum was growing.
“I’m a native New Yorker. I’ve watched the city like you just become less and less affordable, less and less livable,” Hardman-Hill said. “I’m really excited for … regular people to get some power back again.”
Prior to the public ceremony, Mamdani was privately sworn in as New York City’s mayor in the first minutes of the New Year on Thursday at the historic City Hall subway station, which was decommissioned decades ago and is accessible only a few times a year through guided tours.
Reflecting his Muslim faith, he used a Quran, Islam’s holiest book, for his swearing-in, a first for a New York City mayor.
REPUBLICANS BLAST MAMDANI
Hours after Mamdani took office, the lead group tasked with electing Republicans to the U.S. House of Representatives sought to portray him as a “radical socialist.”
“Every time Mamdani opens his mouth or swipes his pen, he tattoos the Democrat Party’s failures onto every House Democrat facing voters in 2026,” spokesperson Mike Marinella said in a statement that signaled the sizable role Mamdani is likely to play on the national campaign stage.
Mamdani, a former state lawmaker, promised a freeze on rents and free buses and childcare, building a campaign around affordability issues that some have seen as a path forward for the Democratic Party around the country ahead of November midterm elections.
Dean Fuleihan, the incoming deputy mayor, told the Financial Times that Mamdani will move ahead with plans to increase taxes on millionaires to pay for his campaign promises and balance New York’s budget. He added that he doesn’t expect rich people to leave the city as a result of potentially higher taxes.
New York Governor Kathy Hochul has said she opposes raising personal income taxes but is considering raising corporate taxes to pay for a potential budget shortfall amid federal cuts.
In one early reversal, Mamdani said on Wednesday that he would no longer seek to end mayoral control of New York City’s public school system, the largest in the U.S., naming veteran educator Kamar Samuels as chancellor.
Mamdani inspired a record-breaking turnout of more than 2 million voters and took 50% of the vote in November, nearly 10 points ahead of Andrew Cuomo running as an independent and well ahead of Republican Curtis Sliwa.
INAUGURATION OF A NEW ERA
The Uganda-born Mamdani has been a sharp critic of Trump on issues such as immigration and said his differences with the president were numerous after a warm White House meeting.
Mamdani raised $2.6 million for the transition and celebrations from nearly 30,000 contributors, more than other mayors on record this century, both by the total and single donations, according to official campaign data that presents disclosures of inaugural expenses beginning with Michael Bloomberg’s first term in 2001.
As mayor, Mamdani will move from his one-bedroom Astoria apartment, protected from sharp price hikes by the city rent-stabilization program, to Gracie Mansion, the official residence of New York City mayors on Manhattan’s upscale Upper East Side.
Bankers and others in New York, the nation’s financial capital, had expressed concern about Mamdani, but since his election many have explored how to work with him.
Reporting by Maria Tsvetkova, additional reporting by Christine Kiernan; Writing by Ted Hesson; Editing by Scott Malone, Donna Bryson, Nick Zieminski and Frances Kerry
UK house price growth weakest since April 2024 after surprise December drop
Economists polled by Reuters had forecast a 0.1% monthly rise to leave prices 1.2% higher than in December 2024, slowing from a 1.8% annual price rise in November
International News via Reuters:
British house prices unexpectedly fell by 0.4% in December to finish 2025 just 0.6% higher than the year before, the weakest annual growth since April 2024, monthly figures from mortgage lender Nationwide Building Society showed on Friday.
Economists polled by Reuters had forecast a 0.1% monthly rise to leave prices 1.2% higher than in December 2024, slowing from a 1.8% annual price rise in November.
Nationwide Chief Economist Robert Gardner said the slowdown in the year-on-year growth rate partly reflected strong price gains in December 2024 as well as the December 2025 price fall, and that the number of mortgages approved remained similar to levels before the COVID-19 pandemic.
“With price growth well below the rate of earnings growth and a steady decline in mortgage rates, affordability constraints eased somewhat, helping to underpin buyer demand,” he added.
Nationwide expected annual house price growth of 2-4% in 2026, he added.
Elliott Jordan-Doak, an economist at Pantheon Macroeconomics, said he too expected house prices to pick up as property tax rises in finance minister Rachel Reeves’ November 26 budget were limited to the most expensive homes, rather than being more widespread as some buyers had feared in the run-up.
“Moreover, the improvement in affordability from the Bank of England’s cut to interest rates in December will also be more fully reflected in January’s data,” he said.
The BoE cut its main interest rate to 3.75% from 4% on December 18, and financial markets expect one or two more quarter-point cuts in 2026.
The average property price in the fourth quarter of last year was 273,077 pounds ($367,561), but ranged widely from 168,317 pounds in much of northern England to 529,372 pounds in London, where they rose 0.7% over the past year.
Northern Ireland saw the fastest price growth last year with 9.7% growth – reflecting price gains in areas across the border in Ireland – while the weakest performance was in eastern England where prices fell 0.8%.
($1 = 0.7429 pounds)
Reporting by David Milliken, Editing by Paul Sandle
Britain’s FTSE 100 hits 10,000 mark in strong start to 2026
The benchmark crossed the milestone early on the first trading day of 2026
International News via Reuters:
London’s blue-chip FTSE 100 index hit the symbolic 10,000 points mark for the first time on Friday, reflecting a wider surge in global equities and providing a strong start to 2026 for a stock market that had lagged behind peers for years.
The benchmark crossed the milestone early on the first trading day of 2026. It gained nearly 22% in 2025, its best year since 2009, outperforming Europe’s broad STOXX 600 index and the S&P 500,.
“It’s nice to be going into 2026 with a good news story,” said Danni Hewson, head of financial analysis at AJ Bell.
“We’ve been talking down UK stocks for an awfully long time so to begin the year on the front foot, and for the momentum of 2025 to continue into 2026, psychologically that is going to have an impact.”
The FTSE 100 was last trading a fraction shy of the 10,000 level, up 0.4% on the day.
STOCKS AROUND THE WORLD RALLIED IN 2025
Stocks around the world surged in 2025, driven in part by a rally in companies connected with artificial intelligence, though British stock markets are little exposed to the sector.
Instead, its biggest gainers in 2025 included miners such as Fresnillo, boosted by record precious metal prices, and gains in defence companies, such as Babcock and Rolls-Royce as Europe increased defence spending. Banks, including Lloyds, were also strong, boosted by elevated interest rates alongside decent economic growth.
AN ARBITRARY NUMBER THAT COULD SPUR INTEREST
British markets have suffered from a lack of initial public offerings in recent years, while companies have left the market, through being bought, delisting or moving their primary listings away from London.
Political instability, bond market volatility and post-Brexit uncertainty added to negativity, and with relatively few tech and AI-connected companies listed in London, British-focused fund managers have struggled to ward off sentiment that the greatest excitement is elsewhere.
“This (10,000) is an arbitrary number, but it is something that could get international investors more interested in the FTSE – so it is quite a big deal,” said Rory McPherson, CIO at financial planning firm Wren Sterling.
“The FTSE has a wide sectoral base and appealing valuations.”
Investors also say the UK could offer diversification from high-flying tech stocks, as concerns about an AI bubble persist.
Dealmakers anticipate London could attract more IPOs this year, notably from Norwegian software company Visma, although higher share prices could make London-listed stocks less attractive to acquirers after cheap valuations helped to make them the second most targeted globally last year.
British finance minister Rachel Reeves posted on social media platform X: “The FTSE 100 breaking through 10,000 points for the first time is a vote of confidence in Britain’s economy and a strong start to 2026.”
Still, the blue-chip index in 2025 trailed other markets such as Japan, Hong Kong, South Korea, Spain and Italy.
And while the FTSE 100, weighted heavily towards internationally focused companies, has outperformed, the domestically focused mid-cap FTSE 250 has lagged, rising roughly 9% in 2025.
Reporting by Alun John and Dhara Ranasinghe; editing by Philippa Fletcher and Barbara Lewis
Car overturns in single-vehicle crash in Sandys
No serious injuries, female driver arrested on suspicion of impaired driving
Police Statement:
Around 8:45 p.m. on Thursday, January 1, 2026, police and other first responders were dispatched to a report of an overturned vehicle just east of White Hill, Sandys.
Details remain limited at this time; however, it is believed a female motorist mounted the curb in the eastbound lane before the car overturned. The woman is not believed to have suffered any serious injuries and has been arrested on suspicion of impaired driving.
Traffic is currently being diverted around the scene while the scene is being cleared.
