The FTSE 100 Index Closes 0.81% Lower

The FTSE 100 Index dropped 85 points or 0.81 percent on Wednesday to close at 10456 points. Losses were led by Prudential (-4.60%), Standard Chartered (-4.51%) and HSBC Holdings (-4.24%). Offsetting the fall, top gainers were JD Sports Fashion (3.09%), Reckitt Benckiser (2.63%) and Marks & Spencer (2.26%).

The FTSE 100 Index is dropping 61 points. Leading the losses are Severn Trent (-2.57%), Prudential (-2.45%) and Informa (-2.45%). Top gainers were JD Sports Fashion (1.87%), Haleon (1.54%) and Reckitt Benckiser (1.43%).

London’s FTSE 100 fell 0.4% to trade around the 10,500 level on Wednesday, as oil prices rebounded, bond yields moved higher and the dollar strengthened amid rising geopolitical and inflation risks. Brent crude climbed back above $100 a barrel as Iran intensified attacks on shipping in the Strait of Hormuz, fueling expectations that major central banks may need to raise interest rates further. UK swaps now price in over 100 basis points of BoE increases by the end of next year, while ECB and Fed expectations also edged higher. Investors are also likely to remain cautious ahead of the Federal Reserve’s meeting minutes, due later today. Among individual movers, Shell edged higher after its third-quarter trading update indicated it expects strong results from its energy trading division amid the Iran conflict. Gas production is forecast to increase, although the company lowered its guidance for refinery utilization and LNG liquefaction volumes.