London stocks down as energy shares slide; UK budget in focus
BP falls as Q3 profit drops 30%
HSBC jumps on $3 bln buyback
Investors await UK budget on Oct. 30
FTSE 100 down 0.8%, FTSE 250 down 1%
Updated at 1621 GMT
By Shubham Batra and Nikhil Sharma
Oct 28 (Reuters) -The UK's benchmark FTSE 100 fell on Tuesday due to broader declines led by theenergy sector on losses in BP,while investors kept their focus on theupcoming budget later this week.
The blue-chip FTSE 100 .FTSE fell 0.8%, as of 1621 GMT, while the midcap FTSE 250 index .FTMC fell 1%, notching its lowest close in over one month.
One of the biggest contributors tooverall losses was theenergy sector .FTNMX601010, pulled down by a fall in oil prices and a 5% drop inheavyweight BP's shares.O/R
BP BP.L reported a 30% drop in third-quarter profit to $2.3 billion, the lowest in almost four years, weighed down by weaker refining margins and oil trading results.
The aerospace and defence sector .FTNMX502010 also slid 1.2%, partly affected by a 1.4% fall in engineering firm Rolls-Royce Holdings RR.L.
Czech electricity producer CEZ CEZP.PR willtake a minority stake in Rolls-Royce SMR to take part in the small nuclear reactor technology's roll-out in Britain, the Czech Republic and beyond.
In contrast, HSBC Holdings HSBA.L jumped 3.1% after the lender posted abetter-than-expected third-quarter profit on rising wealth and wholesale banking revenue, lifting the banking sector .FTNMX301010, up 0.8%.
Industrial metal miners .FTNMX551020 also added 0.3%after copper prices bounced on renewed hopes a large fiscal stimulus package by top metal consumer China. MET/L
The personal goods index .FTNMX402040 dropped 2.6%.
Among other movers, Pearson PSON.L was up 3.6% after the British education company reported 5% growth in underlying sales in its third quarter, boosted by stronger performance in assessment and qualifications.
Investors were squarelyfocussed on the new government's budget on Oct. 30, where finance minister Rachel Reeves will set out her first tax and spending plans, which must address a difficult fiscal picture without raising major taxes on workers.
Data showedBritish lenders approved 65,647 mortgages in September, the highest number since August 2022, shortly before the country was hit by the "mini-budget" bond market crisis under former Prime Minister Liz Truss.
Reporting by Shubham Batra in Bengaluru; Editing by Rashmi Aich and Maju Samuel
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