FTSE 100 Dips Amid Departures and Strategic Shifts

The UK's FTSE 100 declined, impacted by Standard Chartered's CFO departure and BP's halted share buyback. Political tensions intensified with Prime Minister Starmer appointing Peter Mandelson as U.S. ambassador, despite controversy. AstraZeneca and Barclays saw movement due to forecasts and targets.

The FTSE 100 experienced a downturn on Tuesday, affected by Standard Chartered's announcement of its CFO's departure. The Asia-focused lender saw a 4.2% decline, marking it as a top decliner in the index.

Oil giant BP also contributed to the dip, falling 4% after it suspended its share buyback program and reported charges linked to renewable and biogas assets, despite posting expected quarterly profits. The political landscape added additional stress, with Prime Minister Keir Starmer facing calls to step down after choosing Peter Mandelson as U.S. ambassador, a decision that has sparked controversy due to Mandelson's past associations.

Elsewhere, AstraZeneca showed a marginal rise due to strong cancer drug demand, and Barclays improved its financial targets as it seeks better returns by enhancing its U.S. operations. The bank's shares decreased by 1.6% amid these strategic shifts.