The FTSE 100 slipped in early trade on Wednesday as losses in banking, housing and mining stocks offset gains elsewhere.
Investors are treading cautiously ahead of a key week for markets, with interest rate decisions, growth data and trade tensions all in the mix.
London’s blue-chip index fell 0.4% to 9,099.77. The FTSE 250 was flat at 21,796.75 and the AIM All-Share eased 0.1% to 765.23.
Miners, housebuilders and HSBC were the main weights on the FTSE 100.
The Federal Reserve is expected to keep rates unchanged later today, but speculation is building over possible dissenting voices within the committee. US GDP data and the ADP employment report are also due, while trade tensions have resurfaced after US-China talks in Sweden failed to yield an extension on mutual tariff pauses.
HSBC dropped 4.1% after a sharp fall in half-year profit. The bank reported a 27% decline in pretax profit to $15.81 billion and an 8.5% revenue drop. It maintained its dividend and announced a $3 billion share buyback.
Taylor Wimpey fell 6.0%, the worst large-cap performer. The housebuilder backed completion guidance but lowered its operating profit forecast to £424 million, citing softer conditions in the second quarter and affordability issues in the mortgage market.
Rio Tinto lost 1.5% as first-half profit fell 17% to $6.74 billion, dragged lower by a 13% drop in iron ore prices.
RHI Magnesita tumbled 13% after warning of ongoing weak demand. First-half pretax profit plunged to €14 million from €143 million.
Aston Martin sank 5.4% after guiding for flat adjusted EBIT in 2025, having previously expected a profit. FX headwinds, higher software spend and efforts to support Chinese dealers contributed to the downgrade.
International Personal Finance surged after confirming it’s in advanced takeover talks with BasePoint Capital. The credit provider said it would be “minded to recommend” a £500 million bid valuing shares at 223.8p, a healthy premium. Separately, IPF reported a 37% rise in first-half profit to £49.9 million despite a drop in revenue.