Banks drag FTSE 100 to 1-month low

Reuters · 03/10/2023 08:22
Banks drag FTSE 100 to 1-month low

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FTSE 100 down 1.7%, FTSE 250 drops 1.9%

By Susan Mathew

- London's blue-chip FTSE 100 index fell on Friday as UK banks joined a decline in global lenders, while uncertainty regarding central banks' moves heightened ahead of U.S. payrolls data.

The FTSE 100 .FTSE slipped 1.7%, with banks .FTNMX301010 dropping 4.6% to an eight-week low, spooked by a brutal rout in U.S. bank SVB Financial following a share sale.

HSBC HSBA.L, Barclays BARC.L, Lloyds LLOY.L and Natwest Group NWG.L dropped between 4.3% and 6%.

Data that showed the British economic output rose by a better-than-expected 0.3% month-on-month in January bolstered bets that the Bank of England will raise interest rates again this month. Manufacturing and construction sectors contracted, the Office for National Statistics said.

Across the Atlantic, U.S. -farm payrolls, due later in the day, will be watched for more clues on the likely size of interest rate hikes by the Federal Reserve this month.


(Reporting by Susan Mathew in Bengaluru; Editing by Savio D'Souza)

((susan.mathew@thomsonreuters.com;))


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