Glencore and Next drive FTSE 100 gains as banking stocks stumble

A sharp selloff in banking stocks pressured London's blue-chip index on Wednesday, limiting broader gains despite robust financial reports from Glencore and retailer Next. While the FTSE 100 managed a marginal rise to 10,888.3 points, the market remained wary of shifting regulatory winds originating from overseas.

Editorial·August 5, 2026·reads: 155

Glencore and Next drive FTSE 100 gains as banking stocks stumble

The banking sector faced immediate volatility following reports that Beijing intends to impose new taxes on returns from offshore insurance products. This regulatory uncertainty weighed heavily on investor sentiment, offsetting the positive momentum generated by corporate earnings. Despite the sluggish performance of the blue-chip index, the midcap FTSE 250 showed resilience, climbing 0.7% to reach 24,632.63 points and securing a new closing record high.