London Equities faced a downturn on Friday, with IAG playing a significant role in the decline, and were set to end the week with losses amid a week filled with earnings reports and the Bank of England’s decision on interest rates. The blue-chip FTSE 100 index has experienced a decline of 0.8% as of 1125, while the midcap index has fallen by 0.5%. Travel and leisure stocks experienced a decline of 2.9%, with IAG facing a notable drop of 8.4% after the British Airways owner indicated weakness in the U.S. market. Rightmove has plunged 12.5% as Britain’s largest property portal cautions about slower profit growth in the upcoming year. The broader real estate sector has experienced a decline of 1.20%.

Heavyweight banks have experienced a decline of 0.7%. HSBC and Barclays both experienced a decline of approximately 1%. In a positive development, ITV surged 13.9% after the broadcaster announced it is in preliminary discussions with Comcast-owned pay-TV company Sky regarding a potential sale of its media and entertainment division for 1.6 billion pounds ($2.15 billion).

In the UK asset landscape, gilt yields saw a slight increase, while the pound was heading for its third straight weekly drop. Earlier this week, the Bank of England kept its main lending rate steady at 4%. Leading brokerages like Morgan Stanley and Citigroup expect the central bank to announce a rate cut in its December meeting. Even as it approaches weekly losses, the FTSE 100 remains a standout among Europe’s top-performing indexes.

Global equities encountered volatility this week as concerns over technology stock valuations and reduced expectations for a Federal Reserve interest rate cut in December influenced market sentiment. According to the reports, Finance Minister Rachel Reeves has communicated to the country’s budget watchdog that a rise in personal taxation is among the “major measures” she plans to announce in her budget on November 26.