UK’s FTSE 100 benchmark stock index edged lower on Tuesday, pulled down by energy and copper miners’ shares, while optimism around a September interest rate cut by the US Federal Reserve limited losses.

The blue-chip FTSE 100 index was down 0.2% by 0708 GMT, after it closed at its highest level since early August on Monday. The mid-cap FTSE 250 was up 0.1% by 0708 GMT.

Energy shares were the biggest losers on the benchmark, declining 1% due to a drop in oil prices.

Sector majors Shell and BP fell about 1%, each. Israel accepted a proposal to tackle disagreements blocking a ceasefire deal in Gaza, helping ease supply disruption concerns in the Middle East and pushing oil prices lower.

Real estate and real estate investment trusts stocks were among the top losers, declining 0.2%, each, after gaining on Monday. Industrial metal miners inched 0.3% lower as copper prices fell on short-covering after a rally in the previous session.

Antofagasta gained marginally after the Chilean miner posted a 5% increase in half-year profit. On the flip side, precious metal miners gained 0.5% as gold prices steadied near record highs.

Investors’ focus is now on Fed Chair Jerome Powell’s speech at the annual Jackson Hole economic symposium in Wyoming later this week.

The policymaker is widely expected to acknowledge the case for a September interest rate cut, after recent comments from Fed officials and economic data cemented bets for an imminent trim.

London’s FTSE 100 slips, but US rate-cut optimism limits losses

Purchasing managers index (PMI) numbers in the UK and US, alongside minutes of the Fed’s last meeting are also on the market’s radar in a relatively data-light week.

Wood Group slipped 1%, even after the oilfield services and engineering firm posted an 8.5% jump in its first-half adjusted core earnings.