Feb 10 (Reuters) - The UK's FTSE 100 slipped on Tuesday, dragged down by Standard Chartered after the Asia-focussed lender announced the departure of its CFO, while oil major BP slid after it
FTSE 100 slides as BP, Standard Chartered drag
Market Overview and Key Movers
Feb 10 (Reuters) - The UK's FTSE 100 closed lower on Tuesday, as shares of BP slid after the oil major suspended its share buyback programme, while Standard Chartered slid after the lender announced the departure of its CFO.
Impact of BP's Share Buyback Suspension
The blue‑chip FTSE 100 closed down 0.3%, falling from last week's record highs, while the FTSE 250 midcap index was up 0.6%.
Standard Chartered's Leadership Changes
BP sank 6.1% after it suspended its share buyback programme and took about $4 billion of charges in its renewables and biogas assets as the oil major reported quarterly profit that met expectations.
Political Developments Affecting Markets
Standard Chartered dropped 5.7%, also among the top decliners in the blue-chip index, after the Asia-focussed lender said Chief Financial Officer Diego De Giorgi had left the bank following a two-year stint.
Other Notable Stock Movements
Investors were also focussed on political developments after British Prime Minister Keir Starmer refused to heed calls to quit, even by the leader of his party in Scotland, pledging to fight on after his appointment of Peter Mandelson as U.S. ambassador plunged his government into a crisis.
Under pressure over the appointment of a man whose close ties to the late U.S. sex offender Jeffrey Epstein have come into full focus, Starmer has attempted to change the narrative.
Sterling and UK government bond yields were calmer on Tuesday after days of sharp declines. British stocks have largely been driven by corporate earnings and the global mood, with investors still on edge over the disruptive impact of AI on various businesses.
Among other movers, AstraZeneca rose 2% after the Anglo-Swedish drugmaker forecast steady growth in 2026 on strong cancer drug demand.
Barclays increased its profit by 12% in 2025 and raised its performance targets, although the British bank's shares fell 2.5% as banks overall came under pressure.
(Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing by Mrigank Dhaniwala and Nick Zieminski)
