FTSE 100 Falls as Corporate Results Disappoint
The FTSE 100 fell more than 0.5% on Tuesday as disappointing corporate results and weaker energy stocks weighed on the index. HSBC declined 5.4% after reporting third-quarter profits below expectations, while Reckitt dropped 4.9% after cutting its sales outlook amid supply constraints in the US and weaker vitamin sales in China. Oil majors also came under pressure, with Shell losing 1.7% and BP falling 2.8% as Brent crude prices retreated on renewed hopes of a diplomatic resolution to the US-Iran conflict. Mining stocks provided some support, however, as Antofagasta climbed 4.6%, while Endeavour Mining, Fresnillo and Rio Tinto gained around 2.5% each. Anglo American also advanced 2.3%, benefiting from strength across the sector. Meanwhile, UK shop price inflation accelerated to 2.1% year-on-year in October, up from 1.4% in September and above economists’ expectations of 1.6%.
The FTSE 100 fell more than 0.5% on Tuesday as disappointing corporate results and weaker energy stocks weighed on the index. HSBC declined 5.4% after reporting third-quarter profits below expectations, while Reckitt dropped 4.9% after cutting its sales outlook amid supply constraints in the US and weaker vitamin sales in China. Oil majors also came under pressure, with Shell losing 1.7% and BP falling 2.8% as Brent crude prices retreated on renewed hopes of a diplomatic resolution to the US-Iran conflict. Mining stocks provided some support, however, as Antofagasta climbed 4.6%, while Endeavour Mining, Fresnillo and Rio Tinto gained around 2.5% each.
Anglo American also advanced 2.3%, benefiting from strength across the sector. Meanwhile, UK shop price inflation accelerated to 2.1% year-on-year in October, up from 1.4% in September and above economists’ expectations of 1.6%.