FTSE 100 falls as HSBC weighs, budget caution persists
SPY•Britain’s FTSE 100 fell 0.75% to 10,686.54, its biggest one-day decline in about a month, as HSBC dropped 5.4% after quarterly revenue missed estimates. The FTSE 250 rose 0.93% ahead of the government’s budget due Wednesday.
1. HSBC weighs on index
The FTSE 100 underperformed European peers on Tuesday, falling 0.75% to 10,686.54. HSBC fell 5.4% after reporting third-quarter revenue of $18.6 billion, below analysts’ estimates of $19 billion, as its wealth business slowed.
2. Budget and other shares
Investors remained cautious ahead of Wednesday’s budget, with attention on fiscal announcements amid high borrowing costs and energy prices. The FTSE 250 gained 0.93%. Informa rose 2.4% despite reducing its full-year revenue growth guidance to 3% from 6%, while Reckitt fell 4.9% after lowering its annual net revenue growth forecast.
