The FTSE 100 delivered a repeat performance of Friday’s pattern — steady for most of the day before slipping sharply once US markets opened.
Unilever was the biggest drag, tumbling 6.6% and weighing heavily on the index as the fourth-largest company in the benchmark.
Housebuilders added to the pressure, with Barratt, Redrow and Persimmon all down more than 3%, while Berkeley Group slipped 2.8%.
Retailers were also under strain: JD Sports and Marks & Spencer each shed around 3%. Other notable fallers included Entain, Diageo, Land Securities, Burberry and Whitbread, as consumer-facing stocks took the brunt of the selling.
Chris Beauchamp at IG noted that the FTSE 100 has now surrendered its year-to-date outperformance relative to the S&P 500.
“It had all been going so well,” he said, pointing out that the index had been leading its US counterpart in percentage returns for the year on a price basis — a lead that evaporated after today’s decline.
“When priced in the same currency the lead remains firmly intact, but even so it is a shame to see the FTSE 100 fall almost at the final hurdle.”
