London’s FTSE 100 resumed its downward trend on Wednesday, falling 0.8% to 10,320 points, as investors scaled back expectations for further interest rate cuts from the Bank of England this year. The losses were broad-based, with heavyweights such as AstraZeneca, HSBC, and Rolls-Royce leading the decline, while retailers saw some support from upbeat earnings by Inditex. Although oil prices have retreated from highs above $100 per barrel, the earlier surge has already influenced market expectations, with money markets now pricing in only a minimal chance of rate cuts in 2026. On the corporate earnings front, insurer and investment manager Legal & General dropped nearly 6% after its solvency ratio fell short of expectations, despite reporting higher annual profits and announcing a £1.2 billion share buyback program.
