FX.co ★ FTSE 100 Trades at Over 2-Week Low

The FTSE 100 declined for a fifth consecutive session on Friday, slipping to its lowest level in more than two weeks as US–Iran negotiations remained stalled and the Strait of Hormuz effectively stayed closed. Banks, defence contractors, pharmaceutical companies and miners led the losses.

Packaging group Mondi fell about 6% after cautioning that rising energy, raw material and logistics costs linked to the Middle East conflict are weighing on its outlook. By contrast, energy and consumer stocks outperformed, supported by elevated oil prices.

On the data front, UK retail sales rose 0.7% in March, beating forecasts, with a 0.2% increase when excluding fuel. Meanwhile, Bank of England policymaker Sarah Breeden warned that global equities could be vulnerable to a correction, arguing that current valuations do not fully reflect risks such as a potential economic slowdown, strains in private credit markets and a possible AI-driven repricing.

Over the week, the UK benchmark index fell 2.4%.