The FTSE 100 Index Closes 0.41% Lower

The FTSE 100 Index dropped 44 points or 0.41 percent on Tuesday to close at 10654 points. Losses were led by Relx (-2.59%), Glencore (-2.52%) and Antofagasta (-2.37%). Offsetting the fall, top gainers were Babcock International (3.45%), BAE Systems (2.77%) and Kingfisher (2.05%).

The FTSE 100 fell 0.4% on Tuesday after gaining 0.4% in the previous session, as rising oil prices and weak UK employment data weighed on sentiment. Brent crude traded near $108 a barrel, while investors assessed how long Saudi Arabia’s key oil pipeline could remain closed. Meanwhile, UK payrolls fell by 26,000 in August following a revised 19,000 decline in July, far exceeding expectations. The data highlighted continued labour-market weakness ahead of Thursday’s Bank of England rate decision. Unemployment remained at 4.9% in the three months to July, while regular wage growth held at 3.5%. Banks led declines, with HSBC, Barclays and Lloyds falling 2.2%, 1.9% and 0.6%, respectively. Miners also weakened, led by Glencore’s 2.5% drop.

The FTSE 100 traded more than 0.5% lower on Tuesday, after a 0.4% gain in the previous session, as rising oil prices and weak UK employment data weighed on sentiment. Banks were among the main decliners, with HSBC Holdings, Barclays and Lloyds Banking Group falling between 0.7% and 2.1%. Mining stocks also came under pressure as gold, silver and copper prices declined, with Rio Tinto, Glencore and Anglo American down 1.5%, 2% and 1.1%, respectively. UK payroll data showed that employers cut 26,000 jobs in August, following a revised 19,000 decline in July and significantly exceeding economists’ expectations for a 5,000 reduction. The figures highlighted continued weakness in the labour market ahead of Thursday’s Bank of England interest-rate decision. Despite the payroll decline, unemployment remained at 4.9% in the three months to July, while regular wage growth was unchanged at 3.5%.