On Wednesday, the FTSE 100 faced declines for the second consecutive day, echoing a downturn in European markets. The index was significantly impacted by losses in banking stocks, particularly with HSBC dropping 1.5% and Barclays down by 2.3%. Contributing to the downward trend were AstraZeneca's 0.9% decrease and diminishing energy sector performance, as Shell and BP experienced losses of 0.6% and 0.9%, respectively. In contrast, defense stocks provided some relief, highlighted by a 1.5% rise in BAE Systems.
In corporate developments, JD Sports saw a 1.7% dip despite reaffirming its outlook, while expressing caution regarding the latter half of the year. Although the company reported a 2.5% decrease in like-for-like sales during the first half, overall sales surged by 20% due to acquisitions in the US and France. JD Sports pointed out strong performance in clothing and resilience in North America and Europe, though it faced challenges in UK footwear due to challenging product cycles and demanding comparisons. Additionally, JD Sports announced a new £100 million share buyback initiative.
