Ftse 100 Hits Two: week low as banks, oil majors slide
17/10/2025 11:50
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FTSE 100 down 1.3%, FTSE 250 down 1.6%
Financial stocks slump
Low oil prices hurt energy stocks
Industrial stocks fall tracking European counterparts
Pearson jumps on stronger growth forecasts
Oct 17 (Reuters) -
London's benchmark index hit a two-week low on Friday, weighed down by losses in oil majors and heavyweight lenders that joined a global selloff in financial stocks on concerns over the health of U.S regional banks.
The benchmark FTSE 100 .FTSE fell 1.3% to 9,310 points as of 1017 GMT, while the domestically focused FTSE 250 .FTMC dropped 1.6% to 21,643.
Both indexes were on course for their second consecutive week of losses.
The index of banking sector .FTNMX301010 shed nearly 3%. HSBC HSBA.L, Barclays BARC.L and Standard Chartered STAN.L fell 1.9%, 5.3% and 4.6% respectively.
The investment banks and brokerages index .FTNMX302020 fell 2%; brokerage ICG ICGIN.L shed 6.4%, the biggest decline in the FTSE 100.
Among U.S. regional banks, Zions Bancorporation ZION.O disclosed a $50 million hit from two loans from its California unit, while Western Alliance WAL.N said it had initiated a lawsuit alleging fraud by Cantor Group V, LLC, fuelling worries about credit quality.
Wall Street futures pointed to a weaker open on Friday following Thursday's drop.
On the FTSE 100, oil majors BP BP.L and Shell SHEL.L declined 2.7% and 0.9%, respectively, weighing heavily on the index, as global risk-off mood hurt oil prices. O/R
Britain's economy returned to growth in August, data on Thursday showed. Separately, the International Monetary Fund earlier this week said UK's economy is on course for the second-fastest growth among the Group of Seven nations in 2025 after the U.S.
The aerospace and defense .FTNMX502010 index dropped 3.1%, tracking losses in their European counterparts.
Among individual stocks, Pearson PSON.L gained 5.3% to the top of FTSE 100 as the education company expects stronger sales growth in the fourth quarter.
Man Group EMG.L gained 4% after the hedge fund's growth in assets under management surpassed expectations.
(Reporting by Medha Singh and Avinash P in Bengaluru; Editing by Sahal Muhammed)
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