London's blue-chip index ended at 10,458.5 after banks led a third straight gain to a close. Reuters said the 30-year gilt yield hit a 28-year high in a global bond selloff.
The FTSE 100 fell 0.8 percent to 10,458.5 on Wednesday, ending three sessions of gains, Reuters reported. The mid-cap FTSE 250 slipped 0.7 percent to a three-week low.
Bank shares led the blue-chip decline. HSBC, Standard Chartered and Barclays fell between 3.4 percent and 4.5 percent. The Financial Times reported that HSBC plans deep job cuts in its UK wealth business as part of a broader efficiency push that includes artificial intelligence, Reuters noted.
British 30-year bond yields hit a 28-year high as a global selloff pushed the US 30-year yield to its highest since 2002. Reuters said the move could add pressure on finance minister John Healey ahead of his first budget. Brent crude held around $101 a barrel. Shell said it expects third-quarter refining margins of $42 a barrel, up from $24, and its shares ended flat.
Pennon Group fell 20 percent, the largest drop on the FTSE 250, after a fully underwritten 550 million pound rights issue and a dividend cut. That capital raise was reported separately earlier on Wednesday. Sterling hit a 16-month high against the euro. Lloyds data showed British house prices flat in September after the first annual decline since 2023 in August.
The session is a market move. No budget measures were announced in the Reuters close.