UK's FTSE 100 Retreats Amid Global Selloff; Associated British Foods Shares Fall

11:46 AM EST, 11/03/2026 (MT Newswires) -- London's FTSE 100 slumped 1.03% at Tuesday's close, tracking a global equity selloff as US midterm elections began and geopolitical uncertainty persisted. Hopes for renewed US-Iran diplomacy were tempered by The Wall Street Journal's report of a US strike on Iran's Qeshm Island, which helped push Brent crude prices higher. Deutsche Bank Research said US President Donald Trump downplayed the likelihood of further attacks on Iran, while Vice President James Vance expressed optimism about the prospects for a deal with Tehran. In corporate news, Associated British Foods (ABF.L) fell 1.78%, ranking among the index's worst performers, after adjusted earnings attributable to equity shareholders for fiscal 2026 dropped to 1.10 billion pounds sterling from 1.27 billion pounds in the previous year on the back of weaker Primark margins and continued difficulties in its sugar business. "ABF's largest business, Primark, is a leading value clothing retailer, however recent trading trends have been relatively soft. We think it is suffering from an increase in price perception, along with a tougher macro and competitive backdrop in major markets, particularly outside the UK," RBC Capital Markets said. "Sugar profitability has been very weak, partly due to low [European Union] sugar prices and higher energy costs, and the outlook looks more challenging for FY27." Coca-Cola Europacific Partners (CCEP.L) reported a 6.5% year-over-year increase in third-quarter revenue and maintained its 2026 guidance for revenue growth of 3% to 4%. Its shares ended the session down 2.10%. On the upside, Hiscox (HSX.L) rose 2.71% after booking yearly growth in group insurance contract written premiums for the first nine months of 2026 to $4.44 billion from $4.05 billion a year ago. "Hiscox reported 3Q26 group insurance contract written premium (premium) at $1.199m, which beat our $1.087bn, stronger growth across all divisions with Retail accelerating and big-ticket growing despite active book management," BofA Global Research said. "Another brick on the wall for the Change Programme today, which is on-track, its narrative is a nice contrast to weaker organic growth seen across the commercial [property and casualty] sub-sector, which, in our view, supports Hiscox re-rating."