Merryn Talks Money FTSE 100 Hits 10,000 as Defence, Commodities and Gold Lead Market Themes
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Jan 9, 2026 The hosts celebrate the FTSE 100 closing above 10,000 and ponder its future stability. They delve into investment themes for 2025, emphasizing the influence of geopolitical tensions on defence, commodities, and precious metals. The discussion touches on the impact of recent geopolitical events on market performance and sparks lively debate about the US tech sector's potential pullback. With rising interest in a new commodity cycle, they explore the implications of AI adoption on productivity and employment, all while considering the broader political landscape.
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FTSE 100 Crossing Feels Durable
- The FTSE 100 closing above 10,000 marks a meaningful recovery but may still dip below that level occasionally.
- Merryn Somerset Webb and John Stepek see the rally as driven by durable themes rather than a fragile one-off surge.
Favor Globally Exposed Sectors
- Consider exposure to sectors insulated from domestic UK weakness, like globally oriented miners and defence firms.
- Look for assets that benefit from falling interest rates or structural global demand rather than purely domestic cyclicality.
Geopolitics Fuels Defence And Commodities
- Defence, commodities and precious metals remain central market themes into 2026 due to rising geopolitical tensions.
- Merryn argues supply-chain reconfiguration and strategic stockpiling underpin sustained demand for these sectors.