The UK’s benchmark FTSE 100 fell on Tuesday as mining shares slipped, while Ashtead dropped after it warned of lower-than-expected annual profit and proposed to move its primary listing to New York from London.

The blue-chip FTSE 100 fell 0.5%, while the midcap FTSE 250 was down 0.3% at 0930 GMT.

Shares of miners Glencore, Antofagasta and Anglo American fell between 1.8% and 2.3% as copper prices slipped against a firm US dollar, while dismal trade numbers from top consumer China also weighed on the red metal.

The metal prices had rallied in the previous session on China’s future move toward a “moderately loose” monetary policy for the first time since 2010. Precious metal miners led the sectoral losses and fell 2.2%.

Among top losers, Ashtead’s shares fell 9.8% after the equipment rental firm said it was proposing to move its primary listing to New York from London and also warned of lower annual profit due to a weak commercial construction market in the United States.

Ashtead joins a growing list of companies that are moving away from European listings in favour of US markets, where valuations could be higher.

Separately, NCC Group dropped 17.5% to the bottom of the mid-cap index after the cyber security firm swung to an annual operating loss.

FirstGroup was a bright spot, rising 3.7%, after the public transport operator agreed to acquire RATP London.

Miners propel UK’s FTSE 100 higher; GDP data on tap

Meanwhile, investors were squarely focussed on US inflation data, due on Wednesday, that may build the case for another interest rate cut on Dec. 18.

Back home, the spotlight will be on Friday’s gross domestic product estimate for October, which could influence the Bank of England’s interest rate trajectory.

Traders expect BoE to hold rates at its next policy decision next week.

Recruitment platform Indeed said job vacancies have dried up faster in the United Kingdom than in other similar countries over the past year, pointing to a loss of momentum in the economy in the second half of 2024.