Copper miners, energy stocks drop FTSE 100 by Reuters

(Reuters) – Britain’s benchmark FTSE 100 fell on Tuesday, dragged down by energy and mining shares, while optimism around a September interest rate cut by the U.S. Federal Reserve capped losses.

The blue chip was down 0.2 percent by 0708 GMT after closing Monday at its highest level since early August. The average was up 0.1 percent by 0708 GMT.

Energy shares were the benchmark’s biggest losers, falling 1 percent on lower oil prices. Sector majors Shell ( LON: ) and BP ( NYSE: ) were down about 1 percent each.

Israel accepted a proposal to address disagreements stalling a Gaza ceasefire deal, helping ease concerns about supply disruptions in the Middle East and pushing oil prices lower. (OR)

Shares in real estate and real estate investment trusts were among the top losers, falling 0.2 percent each after gains on Monday.

Industrial metal miners fell 0.3 percent as copper prices dipped briefly after a rally in the previous session. (MET/L)

Antofagasta (LON: ) gained marginally after the Chilean miner posted a 5% rise in half-year profit.

On the other hand, precious metals miners gained 0.5% as gold prices stabilized near record highs. (EMPTY/)

Investors’ focus is now on Fed Chairman Jerome Powell’s speech at the annual Jackson Hole Economic Symposium in Wyoming later this week.

Policymakers are expected to recognize the case for a September rate cut after recent comments from Fed officials and economic data cemented bets for an imminent cut.

Purchasing Managers’ Index (PMI) figures from the UK and US, along with minutes from the latest Fed meeting, are also on the market’s radar in a relatively light week of data.

Wood Group fell 1 percent, even after the oil services and engineering firm posted an 8.5 percent rise in first-half adjusted core earnings.