UK stocks declined on Thursday as oil prices experienced their most significant increase in almost a month. Meanwhile, investors were anticipating comments from Bank of England Governor Andrew Bailey and other central bank officials for insights into the future of interest rates.
The blue-chip FTSE 100 index fell 0.41% to 10,413.43 points by 0936, while the midcap FTSE 250 slipped 0.47% to 23,924.76.
- Brent crude futures rose above $104 per barrel, marking a 4% increase, the most significant rise in approximately a month.
- Concerns regarding crude supply remained prevalent in light of heightened attacks on shipping within the Gulf and the Strait of Hormuz.
- The cost of jet fuel is likely to remain high for the next 12 to 18 months, Ryanair Group CEO Michael O’Leary stated.
- Among individual stocks, asset management company Aberdeen rose 0.9% after selling 52 million shares in Standard Life for about £436 million ($575.5 million), halving its stake in the insurer as part of efforts to simplify the business.
- Tesco shares rose 4.5% and were the top gainer on the FTSE 100, after the food retailer raised its profit forecast to £3.15 billion – £3.3 billion for fiscal 2026/27, up from its previous outlook of £3.0 billion – £3.3 billion.
- Among the top losers, HSBC Holdings slipped 2.1%. FT reported on Wednesday that the bank plans significant job reductions in its UK wealth business as part of a comprehensive, AI-driven efficiency initiative.
- Bank of England Governor Andrew Bailey is set to address the İstanbul Economic Forum, sharing the stage with various policymakers from the European Central Bank and the US Federal Reserve.
- ECB’s Primoz Dolenc indicated that the central bank might need to continue increasing interest rates due to a significant presence of upside inflation risks; however, the timing and magnitude of any adjustments remain uncertain.
