Key facts
- The FTSE 100 fell to its lowest level in more than two weeks.
- China-exposed financial names like HSBC and Standard Chartered declined sharply.
- Miners such as Antofagasta and Rio Tinto fell due to concerns over Chinese demand.
- Energy stocks also weighed on the index as crude prices dropped.
- UK construction data showed a significant slowdown in activity.
- The FTSE 100 staged a late reversal as global risk sentiment improved.
The FTSE 100 index fell to its lowest level in over two weeks on Thursday, influenced by reports of tighter offshore banking restrictions in China, which impacted Asia-focused lenders, insurers, and miners. HSBC fell 4.8%, Standard Chartered dropped 6.4%, and Prudential declined 6.7%. Mining stocks like Antofagasta and Rio Tinto each fell about 3% due to concerns over Chinese demand. Energy stocks also contributed to the weakness, with Shell and BP down more than 1% after crude prices fell more than 3% following hopes of a ceasefire in the Middle East. UK construction data revealed the sharpest pace of slowdown in six years. S4 Capital fell 8.7% after its chairman cited insufficient progress on revenue growth. In contrast, CMC Markets surged 15.8% after forecasting annual profit above expectations. The FTSE 100 staged a late reversal as global risk sentiment improved, but the market remains sensitive to China headlines, oil price movements, and domestic economic data.