FTSE 100 Drops Over 70 Points amid Global Market Declines, Awaiting BP and Primark Results

The FTSE 100 index has been declining due to falling commodity prices impacting miners and precious metals sectors, with major companies like Antofagasta, Anglo American, Fresnillo, and Endeavour Mining experiencing significant drops. Market sentiment remains cautious with futures predicting further declines, although positive quarterly results from BP and Associated British Foods (AB Foods) may provide some uplift. Chancellor Rachel Reeves is preparing for the November 26 UK Budget, expected to address cost of living, NHS waiting lists, and national debt, with analysts like Goldman Sachs suggesting that credible fiscal measures and potential targeted tax increases could lower government borrowing costs. US and global markets also show mixed signals, with inflation expected to remain elevated due to tariffs, according to Federal Reserve Governor Lisa Cook, who pledged readiness to act if inflation worsens. The Reserve Bank of Australia has kept rates steady amid rising inflation forecasts, while UK political figures emphasize the need for tough fiscal decisions. Overall, risk-off sentiment prevails in global markets, with investors closely watching earnings and economic policies for guidance.