

Market Analysis
London stocks declined on Tuesday as investors navigated a mix of corporate earnings and maintained caution ahead of interest rate decisions in the U.S. and UK.
The blue-chip FTSE 100 index fell by 0.4%, after reaching its highest level since early June on Monday. The mid-cap FTSE 250 index slipped by 0.1% as of 0710 GMT.
The beverages sector suffered the most, dropping 6.8% to its lowest point since November 2020. Diageo plunged 8.1%, sitting at the bottom of the FTSE 100, after the spirits maker reported an annual organic operating profit decline of 4.8%, steeper than expected.
Energy shares rose by 0.6%, driven by a 1.9% increase in BP's shares, as the top energy company reported second-quarter profits that exceeded expectations, raised its dividend, and extended its share repurchase program.
Precious metal miners edged up by 0.9%, with heavyweight Fresnillo climbing 2.3% following its half-year results.
Investors remained cautious ahead of this week’s interest rate decisions in the U.S. and the UK. The Federal Reserve is anticipated to keep rates unchanged, while the probability of a rate cut from the Bank of England stands at just over 58%, despite persistent inflation in the services sector.
Key events on the horizon include a crucial jobs report in the U.S. and quarterly earnings from major tech companies like Microsoft, which is set to report after the closing bell on Tuesday.
In London, Standard Chartered surged 5.1%, topping the FTSE 100 after the bank announced its largest-ever share buyback worth $1.5 billion and raised its earnings outlook for the year.
St James's Place soared 18% to lead the FTSE 250 after the wealth manager revealed plans to cut costs by tens of millions of pounds in an effort to restore investor confidence following regulatory scrutiny of its charges.
Paraphrasing text from "Reuters" all rights reserved by the original author.