FX.co ★ UK Stocks on Negative Note

On Wednesday morning, the FTSE 100 index in London saw a slight decline, settling at approximately 9,175, retracting from the record highs achieved on Tuesday. The downturn was primarily driven by a dip in the value of housebuilder and defense stocks, notably impacting companies like Berkeley Group, Rolls-Royce, and Polar Capital Technology Trust, each experiencing a decrease of around 2%. Conversely, Convatec Group contributed positively, offsetting some of the losses by surging over 6% following the announcement of a $300 million share buyback initiative. On a macroeconomic note, UK inflation exceeded expectations, rising to 3.8% in July, the sharpest increase since early 2024, up from 3.6% in June and surpassing the anticipated 3.7%. Market attention now shifts to the upcoming Jackson Hole Symposium, where Federal Reserve Chair Jerome Powell is slated to deliver a speech on Friday.