FX.co ★ FTSE 100 Slips from Record High

The FTSE 100 experienced a downturn on Wednesday following a record high in the previous session. This shift was prompted by reports that an attempt to oust Prime Minister Keir Starmer had been denied, heightening political tensions just two weeks before the UK budget announcement. Economists are expressing skepticism regarding the accuracy of the newly released labor market data, a sentiment echoed by Bank of England official Megan Greene, who highlighted potential data issues, contributing to overall investor caution. Declines in the market were predominantly driven by major players in the energy and homebuilding sectors: Shell decreased by 0.5%, BP by 1.1%, AstraZeneca by 0.4%, and Unilever by 0.7%. Taylor Wimpey experienced a significant drop of over 3%, grappling with challenging housing market conditions and impending tax implications in light of the upcoming budget. BAE Systems saw slight losses and Experian's shares fell more than 3%, despite reporting robust order books and an optimistic outlook. On the contrary, SSE witnessed a remarkable 12% surge after unveiling a £2 billion share placement intended to support its ambitious £33 billion investment plan in renewables.