Investing
FTSE 100 set for weekly losses on mixed earnings, budget anticipation
Published by Jessica Weisman-Pitts
Posted on October 25, 2024
2 min readLast updated: January 29, 2026
Global Banking & Finance Review®
Company
Published by Jessica Weisman-Pitts
Posted on October 25, 2024
2 min readLast updated: January 29, 2026
By Ankika Biswas
(Reuters) – London’s blue-chip stock index slipped on Friday and was on track for weekly losses, as investors assessed a mixed bag of corporate earnings ahead of the highly awaited first budget from the country’s new government next week.
The FTSE 100 was 0.1% down as of 0930 GMT, while the domestically focused mid-cap FTSE 250 edged up 0.1%, with both the indexes poised for weekly declines.
Medical equipments was the worst-hit sector on the day, down 2%, and even for the week.
Airtel Africa slumped 6% to its lowest level since early September, after the telecommunications services provider reported a double-digit fall in half-yearly operating profit.
On the flip side, NatWest jumped 4% to its highest levels since 2011 after raising its income forecast for 2024, boosting the banks index.
With the budget scheduled for Oct. 30, UK’s finance minister Rachel Reeves faces a tough task to raise the tax revenues needed to invest more in public services and new infrastructure. Further, a fresh report showed Reeves was also seeking to change fiscal rules.
A survey showed British consumer confidence fell to the lowest level since March amid concerns about possible tax hikes.
Among other movers, Intertek Group lost nearly 3% after HSBC initiated coverage on the British product testing firm’s stock with a “reduce” rating.
Abrdn shares fell for the second day, down nearly 3% on Friday, after deeper-than-expected outflows of client funds in the third quarter.
(Reporting by Ankika Biswas in Bengaluru; Editing by)
The FTSE 100 is a stock market index that represents the 100 largest companies listed on the London Stock Exchange, based on market capitalization.
Corporate earnings refer to the profits that a company generates during a specific period, typically reported quarterly or annually, which can influence stock prices.
Consumer confidence is a measure of how optimistic or pessimistic consumers are regarding their expected financial situation and the overall economic outlook.
A budget is a financial plan that outlines expected revenues and expenditures over a specific period, helping organizations manage their resources effectively.
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