The FTSE 100 opened higher, rising 32 points to 10,505, as UK unemployment hit a 5-year high at 5.2%. The pound fell as investors anticipate a sooner rate cut by the Bank of England. Antofagasta shares led the fallers due to annual results and lower copper prices. IHG impressed with final results and shareholder returns.

Antofagasta reported revenue of US$8.6 billion, in line with forecasts, but cash costs were higher than expected. EBITDA was in line with consensus at US$5.2 billion. The final dividend of 48 cents was below consensus estimates. Analysts highlight positive drivers of higher copper prices and disciplined cost control.

The ONS jobs data shows a rise in the headline unemployment rate to 5.2%, with youth unemployment hitting 16.1%. Analysts believe the labor market remains stuck, with expectations for more rate cuts by the Bank of England. Rising employee costs suggest a substitution from labor to capital.

The FTSE 100 continued to rise, reaching 10,505 as companies affected by the recent AI scare trade bounced back. Miners were the main fallers as copper and precious metals dipped. In company news, Intercontinental Hotels hiked its dividend and announced a $950 million share buyback.

Unemployment in the UK rose to a 5-year high, hitting 5.2% in the three months to December. Average weekly earnings excluding bonuses grew by 4.2%, lower than the consensus forecast. Payrolled employment fell by 11K month-to-month in January, better than expected.

The pound fell 0.5% against the dollar as chances of a Bank of England rate cut in March increased due to rising unemployment and softer wage growth. FTSE futures also ticked up. Analysts suggest the data supports a potential rate cut in March rather than waiting until April.

Read more at Yahoo Finance: London stocks open higher as unemployment hits 5yr high