FTSE 100 Falls 0.72% in Midday Trade as Oil and Tech Sell-Off Weigh
Published on 11/03/2026 at 13:38 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSFTSE 100 Under Midday Pressure
- The FTSE 100 stood at 10,684.15 at 12:22 London time on November 3, down 0.72% from Monday's close.
- Oil prices, US midterm uncertainty and expectations for the Bank of England's policy decision weighed on sentiment.
- Mining shares and Associated British Foods were among the notable decliners, while defensive and company-specific gainers limited the broader decline.
- Global technology weakness added to pressure as investors reassessed AI spending and corporate profitability.
The FTSE 100 was under pressure in Tuesday's European session, extending an early decline as investors weighed higher oil prices, renewed weakness in global technology shares and political uncertainty ahead of the US midterm elections. Market data showed the index at 10,684.15 at 12:22 London time, or 13:22 Berlin time, down 77.18 points and 0.72% from Monday's close of 10,761.33.
The move followed a four-session advance that had taken the index close to a three-month high. Reuters reported that the FTSE 100 was down 0.5% at 10,705.31 by 10:43 GMT, with the rise in oil prices weighing on risk appetite ahead of the US vote and this week's Bank of England policy decision.
Oil And Policy Risks In Focus
Brent crude was trading above 106 US dollars a barrel in early London dealing, after reports of a US strike on Iran's Qeshm Island increased concern about supply risks in the Strait of Hormuz. The move in oil prices also revived inflation concerns. Investors are watching the Bank of England's Monetary Policy Committee, which is due to announce its next interest-rate decision on Thursday, November 5.
The US midterm elections added another source of uncertainty. Early coverage from Alliance News said the FTSE 100 opened 0.4% lower at 10,717.87 as investors awaited the result. The vote could influence expectations for US fiscal policy and the wider risk environment, but its market impact remained unresolved during the London session.
Company Results Add To Pressure
Associated British Foods was among the main FTSE 100 drags after reporting weaker annual profitability and warning that adjusted operating profit and earnings per share would fall in financial 2027. The company said its Sugar division remained difficult, while Primark and grocery operations also faced challenging conditions. Mining shares were another area of weakness as industrial metals prices fell, with Anglo American, Antofagasta and Fresnillo among the decliners reported in early market coverage.
Not all news was negative. Centrica benefited from a Jefferies upgrade, while Hiscox gained after reporting higher insurance premiums for the first nine months of 2026. These company-specific moves provided some support but were not enough to offset the broader defensive tone.
Technology Weakness Broadens
International technology selling also affected sentiment in London. Apple warned that higher memory-chip costs could pressure holiday-quarter margins, while Oracle's plan to raise 20 billion US dollars through debt and equity financing renewed scrutiny of the cost and funding requirements of artificial-intelligence infrastructure. As the FTSE 100 has relatively limited technology exposure, the index was not as directly affected as some overseas benchmarks, but the global shift away from growth risk still added to selling pressure.
Investors will now assess whether oil prices stabilize and whether the US election outcome changes risk appetite. The next major scheduled UK catalyst is the Bank of England decision on November 5. Further FTSE 100 coverage is available on the FTSE 100 topic page.
