FTSE 100 FINISH LINE 10/2/26
FTSE 100 FINISH LINE 10/2/26
On Tuesday, the UK's FTSE 100 index declined, dragged down by a sharp drop in Standard Chartered's shares following the announcement of its CFO's departure. Adding to the downward pressure, BP's shares fell after the company suspended its share buyback program. Shares of Standard Chartered, listed on the London Stock Exchange, took a 4.1% hit, dropping to 1,821 pence, placing the bank among the biggest losers on the FTSE 100 index. The decline follows the announcement that Chief Financial Officer Diego De Giorgi is stepping down from his role to join Apollo, an asset management firm, where he will lead the EMEA region. In response to De Giorgi's departure, Peter Burrill, who currently serves as the group head of central finance and deputy CFO, has been named interim group CFO. It's worth noting that Standard Chartered had an impressive performance in 2025, with its shares surging by 84.3%, significantly outpacing the FTSE 100's 21.5% gain during the same period.
Political developments also weighed on market sentiment as UK Prime Minister Keir Starmer faced increasing calls for resignation. Despite pressure, including criticism from his party’s Scottish leader, Starmer pledged to remain in office. The controversy erupted after Starmer appointed Peter Mandelson as U.S. ambassador, a decision that sparked backlash due to Mandelson's connections to the late financier and convicted sex offender Jeffrey Epstein. The appointment has thrown Starmer's administration into disarray, forcing him to manage the growing political fallout.
BP's shares dropped 4% after the company halted its share buyback programme and announced a $4 billion write-down on its renewable energy and biogas assets. This came as the energy giant reported quarterly profits in line with market expectations. On a more positive note, the British pound and government bond yields stabilized on Tuesday, recovering from sharp declines in recent days. Elsewhere in the market, AstraZeneca gained 0.3%, supported by its forecast of steady growth through 2026, driven by robust demand for its cancer treatments. Barclays reported a 12% increase in profits for 2025 and outlined plans to improve returns by reducing costs and boosting income, particularly in its U.S. operations. Despite these upbeat announcements, Barclays' shares dipped 1.6%.
TECHNICAL & TRADE VIEW - FTSE100
Daily VWAP Bearish
Weekly VWAP Bullish
Above 10350 Target 10510
Below 10325 Target 10250
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Patrick has been involved in the financial markets for well over a decade as a self-educated professional trader and money manager. Flitting between the roles of market commentator, analyst and mentor, Patrick has improved the technical skills and psychological stance of literally hundreds of traders – coaching them to become savvy market operators!