The FTSE 100 index opened lower on Tuesday, February 10, 2026, declining 0.4% to 10,341.94 by 0845 GMT. The benchmark's retreat was primarily driven by significant losses in heavyweight constituents BP and Standard Chartered, which overshadowed a robust advance from pharmaceutical giant AstraZeneca. Market sentiment in London remained fragile, influenced by corporate earnings, domestic political developments, and shifting expectations for central bank interest rate policy.
Corporate Moves Drive Index Performance
Shares of BP plunged approximately 5% in early trading after the energy major announced a suspension of its share buyback program. The company also reported substantial write-downs totaling around $4 billion related to its renewables and biogas portfolios. For the fourth quarter, BP's underlying replacement cost profit was $1.54 billion, with net debt decreasing to about $22 billion. Analysts noted the decision to halt buybacks contrasted sharply with the continued capital return programs of its industry peers.
In the banking sector, Standard Chartered fell 4.1% following the unexpected departure of its Chief Financial Officer, Diego De Giorgi. The bank appointed Peter Burrill as interim CFO. Market observers viewed the exit of a key executive involved in cost-cutting and efficiency initiatives as a setback for the firm's strategic execution.
Countering these declines, AstraZeneca shares surged nearly 4%. The rally was fueled by the company's confident outlook, which projected steady growth through 2026 underpinned by strong sales of its oncology drugs. CEO Pascal Soriot characterized the past year as "very strong" and anticipated a revenue acceleration in the current period, a view analysts described as reassuring despite upcoming patent expirations on some key products.
Broader Market and Currency Context
The FTSE 100's movement follows a period of record highs, with trading turning choppy as investors digest a mix of corporate results and macroeconomic signals. On the previous trading day, Monday, the index had edged up 0.16%, led by mining stocks, but gains were capped by political uncertainty. The British pound sterling weakened 0.2% against the U.S. dollar to $1.3669, while the euro traded at 87.19 pence. Currency analysts attributed the pound's softness to political jitters surrounding the UK government and speculation about potential interest rate cuts from the Bank of England.
Beyond the blue-chip index, a report from the British Retail Consortium provided a modest positive note for the domestic economy. Total retail sales for January rose 2.7% year-on-year, with food sales increasing 3.8% and non-food sales up 1.7%. Industry leaders suggested a brighter consumer mood after a subdued December, though noted that discounting remained a key driver for categories like electronics and furniture.
In other corporate news, Barclays shares gained 1.5% after the bank reported a 2025 profit before tax of £9.1 billion, raised its targets, and approved a new £1 billion share repurchase program. The bank's finance director indicated it had strategies to mitigate the impact of a proposed U.S. cap on credit-card fees, though some analysts expressed ongoing caution regarding the bank's U.S. consumer expansion.
Commodities and Forward Outlook
The energy sector provided little support for the market, with Brent crude oil prices dipping 24 cents to settle at $68.80 a barrel. Traders monitored geopolitical tensions but saw no immediate threat to supply disruptions. Looking ahead, investor attention is turning to upcoming U.S. economic data and a fresh round of UK bank earnings, with reports due from NatWest on Friday and HSBC scheduled for February 25. These events are expected to provide new catalysts for direction in London's equity markets amid the prevailing backdrop of political uncertainty and evolving global monetary policy expectations.
