31.10.202509:04:22UTC+00FTSE Pulls Back from Record High

The FTSE 100 index fell by 0.3% to 9,730 on Friday, retreating from a record high reached on Thursday and snapping a nine-day winning streak. This downturn in investor sentiment came as market participants reduced their exposure to riskier assets, with banking and mining stocks exerting downward pressure on the index. Notably, WPP saw a 1.6% decline following a disappointing third-quarter performance. Other companies such as Burberry, down 2.6%, Standard Chartered, declining 1.6%, and HSBC, off by 0.9%, also experienced losses amid growing concerns regarding the economic prospects in China. Conversely, Fresnillo rose by 1.4% after announcing intentions to acquire the Canadian gold miner Probe for approximately £424 million, aiming to diversify its operations beyond Mexico. In the realm of corporate listings, Princes Group set its initial public offering price at 475 pence per share, at the lower end of its intended range, resulting in a valuation of £1.16 billion for the canned food manufacturer. Looking ahead, investors turned their attention to the upcoming Bank of England meeting scheduled for next week, where it is widely anticipated that policymakers will maintain interest rates at their current levels, though growing speculation points to a potential rate cut in response to sluggish economic growth and diminishing inflation pressures.