Financial stocks drag FTSE 100 lower at start of data-heavy week
Nov 17 (Reuters) - London stocks closed lower on Monday, with financials leading the decline as investors braced for a data-heavy week, while modest gains in healthcare and utilities stocks provided limited support to the market.
The blue-chip FTSE 100 .FTSE ended 0.2% down, its third consecutive session of losses, while the mid-cap index FTSE 250 .FTMC fell 0.6%, marking its fourth straight day of decline.
The heavyweight banking sector .FTNMX301010 fell 0.8%, with Barclays BARC.L, HSBC HSBA.L, and Standard Chartered falling between 0.7% and 1%.
Construction & Materials .FTNMX501010 fell 1.4% after a survey by property website Rightmove showed average UK home prices dropped 1.8% in the four weeks to November 8 - the largest decline for this time of year since 2012.
Additionally, finance minister Rachel Reeves is set to introduce a levy on high-value homes in her annual budget on November 26, according to the Telegraph.
The main indexes fell sharply on Friday after reports of Reeves reversing a planned tax hike drove gilt yields higher.
Market attention now shifts to this week's UK inflation report, as the budget announcement approaches and the Bank of England contemplates its interest rate decision ahead of the Dec. 18 monetary policy meeting.
Global investors will focus on U.S. jobs data and Nvidia's earnings this week as concerns grow over tech valuations and bubble fears. London markets have largely avoided the recent tech selloff over these worries due to their limited exposure to technology stocks.
On Monday, advertising group WPP WPP.L climbed 11%, marking its best single-day performance in five years, after the Times reported that the firm has drawn takeover interest from French rival Havas HAVAS.AS and private equity firms Apollo APO.N and KKR KKR.N.
The pharma sector .FTNMX201030 gained 0.5%, while utilities .FTUB6510, often traded as bond proxies, rose 0.4% as the yield on UK government's 10-year gilts GB10YT=RR eased, which helped ease some pressure.
Among other stocks, HICL Infrastructure HICL.L plunged 6.6% after announcing a 3.98 billion pounds ($5.2 billion) merger deal with The Renewables Infrastructure TRIG.L.
Water solutions manufacturer Genuit GENG.L slumped 13.8% after forecasting full-year profit below estimates.
($1 = 0.7596 pounds)
Related Articles
Will the Bank of England Continue Rate Cuts? What's the Pound's Trajectory in 2026?
TradingKey - GBP/USD has shown strong performance over the past month, rising from around 1.30 to 1.34, and has not declined despite expectations of a central bank rate cut. Looking ahead to 2026, GBP/USD may experience volatile pullbacks, testing support levels around 1.25.
U.S. November CPI: How Will Inflation Fluctuations Transmit to US Stocks? Tariffs Are the Key!
TradingKey - It should be emphasised that tariff policy is the core driver sustaining the current high level of inflation,...Under the combined influence of tariffs and inflation, the U.S. stock market will probably follow a down-then-up trend in 2026.
Japan Central Bank Rate Hike To Three-Decade High Imminent, How Will The Market Go? Which Assets Most Affected?
As global monetary policy divergence enters a critical phase, the Bank of Japan (BoJ) is anticipated to raise its benchmark interest rate at the monetary policy meeting on December 19, 2025, by 25 basis points to 0.75% , marking its highest level in nearly 30 years.
Bitcoin Stocks 2025 Collective Plunge, Still Worth Investing in Future?
Bitcoin stocks involved in trading operations outperformed mining stocks and DAT-category stocks, thus warranting greater priority attention. If Bitcoin's future price trend indeed aligns with Grayscale's projection, Bitcoin stock prices are also expected to rebound and even reach new highs.
Gold Price Steady Climb and the Sudden Surge of Silver and Copper: Will Their Bull Run Extend Into 2026?
Dow Jones Market Data shows this marks the first time since 1980all three metals—gold, silver, and copper—simultaneously refreshed their all-time highs in the same year. Will this rally extend into 2026?
