The FTSE 100 Index Opens 0.90% Lower

The FTSE 100 dropped around 1% on Thursday after two sessions of gains, tracking broader declines across Europe and the US as oil prices moved higher and geopolitical uncertainty persisted. Confusion around potential peace talks between the US and Iran continued to weigh on sentiment. Energy stocks were the only bright spot, with Shell up 0.6% and BP gaining 1%, while miners led losses. Rate-sensitive sectors such as real estate and growth names also lagged. Major decliners included HSBC down over 0.5%, with Lloyds, Barclays, and NatWest losing more than 1%, while AstraZeneca fell 1.3%, Rolls Royce and Rio Tinto dropped 2.7%, BAE Systems lost 1.6%, and Glencore declined 2.1%. 3i Group slid more than 4% despite reporting growth at Action. In contrast, Next surged over 6% after raising profit guidance. Meanwhile, BRC data showed consumer confidence weakened sharply amid inflation concerns, with expectations hitting a record low.

The FTSE 100 Index is losing -91 points. Losses were led by Antofagasta (-4.35%), Fresnillo (-4.22%) and Anglo American (-4.19%). Offsetting the fall, top gainers were NEXT (5.65%), Shell (0.80%) and Experian (0.79%).

The FTSE 100 rose 1.4% on Wednesday after a 0.7% gain in the previous session, extending its rebound on easing oil prices and hopes of a de-escalation in Middle East tensions. The index booked a second straight day of gains as crude fell below $100 per barrel for the first time since Monday, helping to calm inflation concerns. Banks and miners are leading gains. HSBC Holdings rose more than 2%, Lloyds Banking added 1.9% and Barclays gained 2.3%. Endeavour advanced over 4%, Fresnillo almost 3% and Anglo American 3.3%. AstraZeneca and GSK rose 1.9% and 3.5%, respectively. Meanwhile, UK inflation held steady at 3% in February, though the data is seen as outdated as it predates the recent escalation in the Middle East.