UK’s FTSE 100 falls as banks, miners drag; Barclays slides on job cuts

By Reuters News

Oct 22 (Reuters) - Britain's FTSE 100 fell on Thursday, pressured by banks and mining stocks as investors weighed more corporate results against a backdrop of elevated oil prices and persistent inflation concerns.

The blue-chip FTSE 100 index .FTSE ended down 0.5% at 10,699.33 points, briefly touching a one-week low during the session. The midcap FTSE 250 .FTMC slipped 0.9%, its steepest one-day slide since October 1.

  • Barclays BARC.L fell 2.3% after missing estimates for third-quarter profit and announcing plans to cut about 5,000 jobs

  • Banks .FTNMX301010 were the biggest drag, with the index hitting its lowest since June

  • Miners also weighed on the market. The FTSE 350 precious metal miners .FTNMX551030 was down 5.2% as spot gold fell 2.2%, with Anglo American AAL.L down 5.5%, Antofagasta ANTO.L off 6.5% and Rio Tinto RIO.L 3.4% lower

  • Industrial metal miners .FTNMX551020 dropped nearly 4% each as copper prices slipped MET/L GOL/

  • Oil prices jumped to their highest levels since May, with Brent crude futures trading at over $111 a barrel. Energy .FTNMX601010 stocks were the biggest gainers O/R

  • Elevated oil prices have been fanning inflation concerns, forcing major central banks to raise interest rates

  • Some defensive heavyweights helped limit the benchmark's decline. AstraZeneca AZN.L rose 2.5%, while GSK GSK.L gained 2.6% and Unilever ULVR.L added 3.1%

  • Corporate earnings remained in focus as investors looked for clues on how geopolitical uncertainty and higher borrowing costs are affecting companies

  • Pest control firm Rentokil Initial RTO.L topped the FTSE 100 with an 8.6% rise after reporting higher third-quarter organic revenue growth and a $200 million buyback plan

  • Second-quarter sales growth slowed at Britain's second-largest supermarket group Sainsbury's SBRY.L, sending its shares 2.1% lower

  • Crowne Plaza owner IHG IHG.L slipped 2.7% as rising interest rates and the impact of the Iran conflict overshadowed its quarterly room revenue beat

  • London Stock Exchange Group LSEG.L gained 4.3% after raising its 2026 revenue outlook and agreeing to acquire financial data firm Octus for about $3.54 billion

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