FTSE 100 snaps four-day winning streak as miners and banks weigh
Nov 3 (Reuters) - Britain's FTSE 100 registered its steepest one-day drop in a month on Tuesday, pressured by miners and bank shares, ahead of US midterm elections and this week's Bank of England interest rate decision.
The blue-chip FTSE 100 index .FTSE ended down 1.1% at 10,638.43 points, following four straight sessions of gains. The midcap FTSE 250 index .FTMC closed 0.5% lower at 24,674.91.
Industrial metal miners were among the main drags as copper fell to a multiweek low. The FTSE 350 basic resources index .FTUB5510 dropped 2.6%, with Antofagasta ANTO.L down 3.5% and Glencore GLEN.L off 2.8% MET/L
Crude prices slid 2% in volatile trade, after a 7% fall on Monday, as investors weighed talks to end the wars in Ukraine and Iran O/R
Elevated oil prices have fanned inflationary fears, and many central banks have raised interest rates, with the BoE expected to follow suit with a 25-basis-point hike on Thursday
"While the market is pricing a full hiking cycle, we think that one or two moves will be enough to protect against potential further impact on the broader economy," said Alessia Berardi, head of global macroeconomics at Amundi Investment Institute
Banks also weakened before the BoE decision, with the FTSE 350 banks index .FTUB3010 falling 1.6%. HSBC Holdings HSBA.L lost 2.0% and was the biggest approximate drag on the FTSE 100
On Tuesday, markets were watching the US midterm elections. A strong showing for the Democrats is priced in, which could set the tone for global markets for the week
Drax Group DRX.L was among the top FTSE midcap index gainers with a 6.6% jump, after the power generator said it has partnered with Brookfield Asset Management BAM.N and Radiant to develop a data centre
Coca-Cola Europacific Partners CCEPC.L fell 2.1% after the bottler flagged cost pressures
Primark owner Associated British Foods ABF.L led the fallers on the FTSE 100 with a 2.2% slip after forecasting lower annual profit
Insurer Hiscox HSX.L gained 2.9% after reporting a 9.5% rise in insurance premiums in the first nine months of 2026