Sept 22 (Reuters) - The UK's FTSE 100 edged lower on Tuesday as banks and telecoms stocks retreated, while investors awaited potential US-Iran talks after signs of improved oil flows in the Strait of Hormuz.
The blue-chip FTSE 100 index fell 0.29% to 10,708.33 points, while the midcap FTSE 250 climbed 0.14%.
-
Investors are cautious ahead of potential US-Iran talks at the United Nations General Assembly this week after more supplies emerged through the strait over the weekend.
-
Oil prices fell to a two-week low as prospects for Gulf supplies improved, with Iran signalling it could reopen the Strait of Hormuz within seven days and Saudi Arabia set to resume exports from its Red Sea port.
-
Heavyweight banks fell 1.63% after becoming the biggest gainers in the previous session, with HSBC falling 1.6% and Standard Chartered sliding 2.9%.
-
Telecom stocks <.FTNMX151020 > also slipped 2.45%. BT Group led the losses with a 3.8% fall, while Vodafone and Airtel Africa dropped by 2.2% and 1.9% respectively.
-
Defensive consumer stocks offered support to the main index with Diageo gaining 1.5% and Unilever rising 1.2%.
-
Among other stocks, home improvement retailer Kingfisher climbed 12.4% after raising its full-year profit outlook following a 9.9% rise in first-half earnings.
-
British engineering firm Smiths Group rose 7.5% after it beat expectations for its full-year operating profit and launched a process to sell its US asbestos liability.
-
Cell and gene therapy manufacturer Oxford Biomedica rose 6% after posting a 9% year-on-year increase in first-half revenue.
-
A gauge of British factory orders rose this month to reach its highest level since July 2023, a survey showed, adding to recent signs of resilience in Britain's economy.
-
Britain's government borrowed more than expected in August, official data showed, pushing the financial year-to-date deficit further above forecasts and adding pressure on finance minister John Healey ahead of his first budget next month.
Reported by Anand Gopal in Bengaluru; Editing by Leroy Leo and Alexander Smith
Source: Reuters