UK stocks slip as banks drag; earnings in focus
EWU•EWU•EWU•EWU•The FTSE 100 fell 0.5% to 10,699.33 points, its lowest level in a week, while the FTSE 250 dropped 0.9%. Banks weighed on the market as oil prices rose more than 3% and investors assessed earnings.
The FTSE 100 fell 0.5% to 10,699.33 points by 1006 GMT, and the FTSE 250 slipped 0.9%, putting it on course for its biggest one-day decline since October 1. Banks were the biggest drag, while energy stocks gained as Brent crude futures rose above $112 a barrel.
Barclays dipped after missing third-quarter profit estimates and announcing plans to cut about 5,000 jobs. Rentokil Initial rose 8.2% after reporting higher third-quarter organic revenue growth and a $200 million buyback plan; Sainsbury’s fell 3.7% as sales growth slowed. British inflation rose more than expected last month, reinforcing expectations of a Bank of England rate hike in November.
