FTSE 100 Live: London blue-chips start July in red, AB Foods and JD Sports lead falls

FTSE 100 opened July lower, with London blue chips starting the month in the red after an early drop of more than 50 points that later narrowed to 37 points, leaving the index around 10,460. AB Foods (ABF) led the decliners, down 3.2% after warning that its sugar business could generate larger losses. JD Sports fell 2.7% following results from its major partner Nike overnight, which pointed to ongoing difficulties and flat revenue. Miners also weighed on the market, led by precious metals names Fresnillo and Endeavour, followed by Anglo American, Rio Tinto and Antofagasta. In sector updates, ABF said weaker sugar trading would hurt profits this year, while Primark posted mixed third-quarter figures: like-for-like sales down 2.2% over 16 weeks to June 20, but total sales up to £2.9 billion. Market analyst Kathleen Brooks of XTB said sentiment in Q3 will depend heavily on a speech by Federal Reserve chief Kevin Warsh and upcoming US jobs data, with the AI rally potentially supported by further capex from hyperscalers.