London equities slipped on Friday with the FTSE 100 down about 0.4% and the mid‑cap FTSE 250 off c.0.6% and headed for an eighth straight session of losses, putting both indexes on track for weekly declines larger than those in April; the retreat was driven by renewed tech‑valuation and AI bubble concerns after a short‑lived Nvidia‑led rally and a mixed U.S. jobs report that clouded Fed rate‑cut expectations. Aerospace and defence names tumbled 3.2% to a three‑month low amid signs of a U.S. draft peace plan for Ukraine (Babcock fell 0.7% despite a 19% jump in first‑half profit), while banks drifted lower (HSBC and Barclays down ~1%), precious‑metal miners lost 3.6% as gold eased and copper weakness hit industrial miners. Domestic weakness — October retail sales contraction, a softer PMI, and the prospect of tax increases in next week’s budget — plus company‑specific pain (ASOS plunged 8.7% after cutting its annual profit forecast) underscore the downside risks for UK markets.
London's major indices turned lower on Nov. 21 with the FTSE 100 down 0.4% and the mid-cap FTSE 250 off 0.6% as of 1222 GMT, leaving the FTSE 250 on track for an eighth consecutive session of losses and both indexes set for weekly declines larger than April's sell-off. The rebound driven by Nvidia's upbeat guide was short-lived as renewed concerns about tech valuations and a mixed U.S. jobs report clouded Fed rate-cut prospects, contributing to a risk-off tone. Sector dispersion was pronounced: aerospace and defence fell 3.2% to a three-month low amid signs of a U.S. draft plan to end the war in Ukraine, while Babcock slipped 0.7% despite a 19% rise in first-half profit and a growth forecast. Banking names drifted ~0.7% lower with HSBC and Barclays down about 1%, ASOS plunged 8.7% after lowering its annual profit forecast, precious-metal miners lost 3.6% as gold fell over 1%, and industrial miners declined 1.7% after copper hit a two-week-plus low. Domestic data and near-term policy risks reinforce the negative backdrop: October retail sales contracted, November PMI showed stalled business growth, and markets await next week's budget where Finance Minister Rachel Reeves is expected to announce further tax increases. These combined macro, commodity and geopolitical signals imply continued volatility and selective risk aversion for UK equities until clearer direction on Fed policy, commodity prices and domestic fiscal measures emerges.
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