FX.co ★ FTSE 100 Falls for 3rd Session

The FTSE 100 experienced a decline of over 0.5% on Tuesday, marking its third consecutive decrease. The downturn was influenced by losses among key companies and the mining sector. Prominent corporations such as Rolls-Royce, Shell, and HSBC saw declines ranging from 1% to 1.5%, while mining giants Rio Tinto, Antofagasta, and Anglo American experienced reductions of approximately 1.5%, 3%, and 2.5%, respectively. Despite reporting stronger-than-expected third-quarter profits of $2.2 billion and initiating a $750 million share buyback, BP's shares dipped by 0.3%. The firm revealed that proceeds from divestments are anticipated to surpass $4 billion this year, with cost-cutting measures proceeding as planned, following the $1.5 billion sale of US shale assets. On the policy front, Chancellor Rachel Reeves delivered a speech addressing the fiscal challenges facing the UK ahead of the late-November budget, hinting at possible tax increases. She attributed the country’s economic frailty to prior mismanagement and global economic pressures, yet she reiterated her commitment to her "iron-clad" fiscal principles with an emphasis on controlling inflation to pave the way for future rate reductions while managing debt levels.