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The FTSE 100 slipped on Friday (August 20), easing from record levels hit earlier, as investors waited for Federal Reserve chair Jerome Powell’s speech at the Jackson Hole symposium for signals on US interest rates.
Among the day’s top performers, Standard Chartered PLC surged more than 3% after reports that the US Justice Department had supported its position in a long-running civil case. The rally marked a sharp turnaround following earlier losses triggered by calls from US lawmakers for a sanctions probe.
The bank dismissed the allegations as false, saying it was unsurprised by the ruling. Other notable gainers included BP PLC and Shell PLC, which benefited from firmer energy prices.
Shares of Tesco slipped by 1%, closing £4.3 lower at £427.2, while British American Tobacco also declined by about 1%, dropping £42 to £4,351. Prudential edged down £9 to £998 as investors looked ahead to its half-year earnings announcement scheduled for Tuesday.
In contrast, the FTSE 250 managed to finish higher, adding 25.28 points to settle at 21,843.12. Among mid-cap stocks, WH Smith attempted a modest recovery after Thursday’s dramatic 42% plunge, climbing 2% (£14.5) to £654.5.
The FTSE 100 dropped 18 points, or 0.2%, to 9,291.29, after closing above 9,300 for the third consecutive record on Thursday.
On the downside, The Sage Group, Prudential, and Alliance Witan fell up to 0.8%. AstraZeneca slipped £40 to £12,008.
Powell is due to speak at 3 pm UK time. Inflation remains sticky, but signs of cooling in the US labour market have heightened speculation over when the Fed might cut rates. Analysts expect him to strike a cautiously hawkish tone, balancing weak payroll data with strong inflation and activity indicators.
Markets fear that if Powell rules out a September cut, the dollar could strengthen, and equities may come under fresh pressure.
In the mid-cap space, Revolution Beauty ended its search for a buyer, saying no suitable offers had been received. Instead, it plans to raise £15 million through a share issue to shore up finances.
Co-founders Adam Minto and Tom Allsworth are returning to leadership, with Allsworth becoming CEO and Minto acting as a consultant. They pledged a refreshed strategy aimed at restoring long-term profitability after months of uncertainty.
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GfK’s confidence index rose to minus 17 in August, the best level of 2025 so far. The improvement reflects stronger household finances following rate cuts, though analysts caution that sentiment remains well below historic averages.
Despite the FTSE 100’s dip, London’s blue-chip index remains near record levels, supported by gains in banking and energy stocks. With Powell’s Jackson Hole remarks looming and Revolution Beauty plotting a turnaround, investors face a mix of global caution and domestic reset stories.
