22.10.202616:02:11UTC+00FTSE 100 Edges Down on Thursday

The FTSE 100 declined on Thursday, though the drop was milder than in most other major European markets, as strength in pharmaceutical and consumer stocks helped counter weakness in banks and miners. Antofagasta slid more than 6%, while Fresnillo and Anglo American each shed around 5.5%, and Endeavour lost over 4%. Barclays fell more than 2% after announcing plans to cut 5,000 roles through AI-driven efficiencies, alongside a disappointing third-quarter performance in its bond-trading division.

UK banking stocks more broadly came under pressure amid rising worries about potential tax increases in next week’s budget: HSBC and Lloyds each declined by more than 2%, NatWest dropped over 1%, and Standard Chartered fell more than 4%. J Sainsbury was also weaker, slipping more than 2% after reporting first-half like-for-like sales growth that undershot expectations.

By contrast, defensive names in healthcare and consumer staples lent support to the index. AstraZeneca and GSK each gained 2.6%, Unilever advanced 3%, and British American Tobacco rose more than 2%, helping to limit the FTSE 100’s overall losses.