The FTSE 100 traded close to unchanged on Wednesday after two sessions of steep losses, as investors reassessed broader market conditions. Energy heavyweights BP and Shell slipped 1.1% and 0.9%, respectively, even as crude prices remained higher, giving back part of the strong gains notched earlier in the week. Sentiment in the oil market was supported by comments from Donald Trump about protecting oil shipments, which helped temper fears of a major supply disruption.
Financials remained under pressure on worries that stubborn inflation could weigh on global growth. HSBC Holdings fell 1.5%, while Barclays and Lloyds Banking Group each declined 0.6%. By contrast, defensive stocks saw modest buying interest: AstraZeneca, GlaxoSmithKline, Unilever and British American Tobacco all edged higher. BAE Systems advanced more than 1%, and miners Rio Tinto and Anglo American added around 0.7% each.
