Banks Lead FTSE 100 Drop on Bond Yields
UK equities fell as banking shares retreated amid surging global bond yields and rising oil prices. The FTSE 100 dropped 0.8 percent while bond yields reached multi-year highs.
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Financial stocks pulled the benchmark United Kingdom FTSE 100 down 0.8% to 10,458.5 points on Wednesday afternoon, snapping three consecutive sessions of gains. Surging bond yields and elevated oil prices kept risk aversion firm across global markets as the midcap FTSE 250 slipped 0.7% to a three-week low. The decline follows mounting fiscal pressures and heavy losses among major commercial lenders.
