FX.co ★ UK Stocks on Cautious Note

On Tuesday, the UK's FTSE 100 experienced a slight downturn, settling around 8,410 as investors contended with a wave of mixed corporate earnings reports. Associated British Foods, the parent company of Primark, faced a significant drop of over 7% following an announcement that its first-half profits had decreased by 10%, with sales falling slightly compared to the previous year. BP saw a 3.6% decline, attributed to a dip in oil prices and a 48% reduction in net profit, which amounted to $1.4 billion. This downturn was due to weaker performance in refining and gas trading, as well as the departure of its strategy chief. Beazley slipped by 3.7% after restating its full-year outlook and reporting a modest increase in written premiums. Meanwhile, AstraZeneca’s shares fell 4% following a disappointing Q1 earnings report. Conversely, Howden Joinery Group saw a surge of 6.6%, topping the index, driven by a 3% increase in revenue over the first four months of the year and affirming its positive outlook towards 2025. HSBC Holdings, the largest bank in the UK, rose by 2.2% following the announcement of a multibillion-dollar share buyback plan, despite experiencing a decline in both profits and revenues.