UK stocks slip as banks drag; earnings in focus

By Reuters News

Oct 22 (Reuters) - London’s FTSE 100 slipped to its lowest level in a week, dragged down by sharp declines in heavyweight banks, as rising oil prices dampened risk appetite, while investors digested a batch of corporate earnings.

The blue-chip FTSE 100 index .FTSE fell 0.5% to 10,699.33 points by 1006 GMT, while the midcap FTSE 250 .FTMC slipped 0.9%. The latter was set for its biggest one-day slide since October 1.

  • Oil prices jumped more than 3% to their highest levels since May, with Brent crude futures trading at over $112 a barrel. Energy .FTNMX601010 stocks were the biggest gainers O/R

  • Banks .FTNMX301010 were the biggest drags, trading close to their June lows. Barclays BARC.L dipped marginally after missing estimates for third-quarter profit and announcing plans to cut about 5,000 jobs

  • Precious metal miners .FTNMX551030 and industrial metal miners .FTNMX551020 were the biggest percentage decliners, down over 3% each as gold and copper prices slipped over 1% each MET/L GOL/

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

  • Data showed on Wednesday British inflation rose more than expected last month, cementing the case for a hike from the Bank of England in November, which is largely priced in

  • Corporate earnings will remain on investors' radar for clues on the impact from geopolitical uncertainty and higher borrowing costs in some economies

  • Pest control firm Rentokil Initial RTO.L topped the FTSE 100 with a 8.2% 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 3.7% lower

  • Crowne Plaza owner IHG IHG.L slipped 3.1% 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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