FX.co ★ FTSE 100 Drops 1.4% on Tuesday

The FTSE 100 index fell by 1.4% to close at 9,543 on Tuesday, marking its lowest point since October 22 and extending its decline to a fourth consecutive day, thus recording its longest losing streak since August. The downturn continued as the index retreated from its recent record levels, primarily driven by a deeper decline in financial stocks. Leading the sell-off were several major banks: HSBC dropped by 3.3%, Barclays by 3%, Standard Chartered by 2.9%, and NatWest by 2.8%. The industrial mining sector also experienced pressure, with Antofagasta falling by 3.7%, Anglo American by 3.4%, Glencore by 2.6%, and Rio Tinto by 2.1%. This dip in global confidence stemmed from growing investor concerns about high valuations in the tech sector and increasing skepticism regarding a possible Federal Reserve rate cut in December. In the UK, market focus shifted to the upcoming inflation report this week and the government's budget announcement next week. Amidst the broader downturn, a few stocks managed to perform well: Imperial Brands increased by 2% after reporting annual profits that surpassed expectations, while Intermediate Capital Group rose by 4.5% following news that Amundi would be acquiring a 9.9% stake in the company.