FX.co ★ FTSE 100 Trades Lower

The FTSE 100 experienced a decline of 0.4% on Thursday, primarily due to a downturn in energy and telecom sectors as a result of decreasing oil prices and disappointing corporate earnings. Notable decliners included Shell and BP, which saw reductions of approximately 1% and 1.9%, respectively, driven by concerns over a potential increase in global oil supply. EasyJet fell by 1.5%, missing revenue expectations, partly attributed to the timing of Easter and redemption of vouchers from the previous year. Despite reporting improved earnings, BT dropped by over 5%, affected by lower annual sales and ongoing restructuring efforts, which dampened investor sentiment. British Land saw a decrease of over 6% after reaffirming its rental income outlook, despite expressing optimism in the office market. Additionally, Rio Tinto revealed that CEO Jakob Stausholm would resign later this year. The broader market mood was further affected by a significant sell-off on Wall Street, fueled by renewed worries about the US fiscal deficit and fluctuations in Treasury yields. Within the UK, public borrowing for April rose to £20.2 billion, exceeding prior forecasts.