Business
FTSE 100 dips as BP and Shell fall amid oil slide
The FTSE 100 fell on Tuesday, weighed down by falls in defence and oil stocks, and after mixed economic data in the UK and US.
“A sell-off in the oil market served to pull down the FTSE 100, exacerbated by profit taking in defence contractors,” said Dan Coatsworth, head of markets at AJ Bell.
“Driving the declines was speculation that the Russia-Ukraine war could be near to a resolution. While that would be positive after nearly four years of fighting, it has negative consequences for the oil and defence sectors.”
The FTSE 100 index closed down 66.52 points, 0.7%, at 9,684.79. The FTSE 250 ended just 8.18 points lower at 22,040.98, and the AIM All-Share ended up by just 0.18 of a point at 749.41.
In Europe on Tuesday, the CAC 40 in Paris closed down 0.2%, while the DAX 40 in Frankfurt ended 0.6% lower.
In London, economic data pointed to a pick-up in business activity post the Budget, and a cooling in wage growth, plus a further softening in the labour market.
Figures from the Office for National Statistics on Tuesday showed the unemployment rate rose to 5.1% in the three months to October, up from 5.0% in the three months to September.
The jobless figure came in line with the FXStreet-cited market consensus and is the highest level since 2021, as the country emerged from the Covid-19 pandemic.
The increase in people out of work in the UK came alongside a decline in employment and a moderation in earnings growth.
Analysts at ING said the UK labour market is now cooling quickly enough to make it less of an inflation outlier.
ING’s James Smith said: “Wage growth is losing steam as the broader job market continues to cool.”
He noted that private sector pay is now rising by 3.9% annually, slowing from close to 6% at the start of the year.
“Those annual growth rates should steadily move lower over the coming months,” Mr Smith said, adding that “a rate cut on Thursday is highly likely, and we expect two further moves in the first half of 2026.”
A separate report showed the UK’s private sector performed better than anticipated in December.
The flash UK purchasing managers’ composite output index rose to 52.1 points in December from 51.2 in November, outperforming FXStreet-cited expectations of a milder increase to 51.4 in December.
The flash services business activity index climbed to 52.1 in December from 51.3 in November, beating the consensus of 51.5 for December.
Rob Wood, at Pantheon Macroeconomics, said the improvement came as businesses finally put a “chaotic few months of Budget speculation behind them” and looked towards the year ahead with greater policy certainty.
The pound was quoted higher at 1.3429 dollars at the time of the London equities close on Tuesday, compared with 1.3390 dollars on Monday.
The euro stood at 1.1775 dollars, up against 1.1764 dollars. Against the yen, the dollar was trading lower at 154.79 yen compared with 155.24 yen.
Stocks in New York were lower at the time of the London equity close on Tuesday.
The Dow Jones Industrial Average was down 0.5%, as was the S&P 500 index, while the Nasdaq Composite was down 0.4%.
The yield on the US 10-year Treasury was quoted at 4.17%, unchanged from Monday. The yield on the US 30-year Treasury was at 4.83%, also flat compared with Monday.
Data from the Bureau of Labour Statistics (BLS) showed US nonfarm payroll employment rose 64,000 in November, beating the FXStreet-cited consensus of 50,000.
However, in October, nonfarm payrolls dropped by 105,000, compared with expectations for a 25,000 decline, while September and August’s totals were revised down by a combined 33,000.
Federal government employment declined by 6,000 in November, following a loss of 162,000 in October.
The BLS data showed the unemployment rate climbed to 4.6% in November, the highest level since September 2021, above FXStreet-cited expectations of 4.4% and up from 4.2% a year earlier.
Wells Fargo said the US labour market remains in “a precarious position”.
The three-month average pace of job growth is now just 22,000 through November, compared with 62,000 heading into the report, the broker noted, while the unemployment rate rose to 4.6%, marking a new high since the end of the pandemic.
Back in London, oil majors BP and Shell fell by 3.4% and 2.7% respectively, while defence stocks Babcock International and BAE Systems declined by 3.6% and 1.7% respectively.
Brent oil was quoted at 59.01 dollars a barrel at the time of the London equities close on Tuesday, down from 60.39 dollars late Monday as hopes grow of a peace deal between Ukraine and Russia.
“The prospect of an end to the war in Ukraine and continued strong production from Opec+ is also weighing on prices. Even though US growth has been upgraded for 2026, this is not filtering through to a stronger oil price,” said Kathleen Brooks at XTB.
“Until we get a clearer demand picture or supply restraint from Opec+, it is hard to see how the oil price will recover.”
On the FTSE 250, trading platform IG rose 8.5% after extending its share buyback amid encouraging trading. Goodwin, meanwhile, slumped 11% despite reporting pre-tax profit more than doubled in the half-year to the end of October.
Elsewhere, four large London-listed growth stock investment trusts said their net asset values got a boost from a raised valuation for Elon Musk’s Space Exploration Technologies.
Scottish Mortgage Investment Trust, a FTSE 100 index constituent, together with FTSE 250 constituents Edinburgh Worldwide Investment Trust and Baillie Gifford US Growth Trust, as well as Schiehallion Fund, said a trigger event has required an upwards adjustment in the valuation of their holdings in SpaceX.
SpaceX is moving ahead with plans for an initial public offering that would seek to raise significantly more than 30 billion dollars, in a transaction that would make it the biggest listing of all time, Bloomberg reported on Tuesday last week.
Scottish Mortgage said the new valuation for SpaceX raised its NAV per share to 1,297.23 pence on Monday from the 1,205.12p it had reported for Friday last week. SpaceX now makes up 15.3% of its portfolio by value, up from 8.2% at the end of November.
Scottish Mortgage shares were up 0.9%, Edinburgh Worldwide was up 2.6%, Baillie Gifford US Growth was up 1.2% and Schiehallion Fund was up 1.5%.
Gold was quoted at 4,304.60 dollars an ounce on Tuesday, higher against 4,296.68 dollars.
The biggest risers on the FTSE 100 were easyJet, up 15.90 pence at 512.80p, Endeavour Mining, up 106.00p at 3,708.00p, JD Sports Fashion, up 2.14p at 83.18p, Fresnillo, up 68.00p at 2,924.00p and Convatec, up 4.80p at 234.80p.
The biggest fallers on the FTSE 100 were Babcock International, down 45.00p at 1,214.00p, BP, down 14.95p at 422.50p, Informa, down 27.00p at 864.00p, Shell, down 72.00p at 2,626.50p and Polar Capital Technology Trust, down 11.00p at 450.50p.
Wednesday’s economic calendar has UK inflation data and producer price inflation figures.
Wednesday’s UK corporate calendar has a trading statement from Serco.
– Contributed by Alliance News
Business
Sri Lanka increases fuel prices around 25% as Middle East tensions disrupt global oil supplies – The Times of India
Sri Lanka on Sunday raised fuel prices by around 25 per cent, marking the second increase within a week as the ongoing Middle East conflict continues to disrupt global energy markets, news agency PTI reported.The price revision, effective from midnight, comes as tensions triggered by joint US–Israel strikes on Iran and retaliatory action by Tehran have spread across the Gulf region, leading to the closure of the Strait of Hormuz — a key global energy transit route.According to official announcements, the price of auto diesel rose 26.1 per cent from Sri Lankan rupees (LKR) 303 to LKR 382 per litre, while super diesel increased 25.5 per cent from LKR 353 to LKR 443. Petrol 92 octane climbed 25.6 per cent from LKR 317 to LKR 398, petrol 95 octane rose 24.7 per cent from LKR 365 to LKR 455, and kerosene jumped 30.8 per cent from LKR 195 to LKR 255.This is the third fuel price hike since March 1 and comes as the conflict, which has unsettled global oil markets, entered its fourth week.With the latest revision, retail fuel prices in Sri Lanka are set to return close to levels seen during the 2022 economic crisis, when the country declared its first-ever sovereign default since independence in 1948. The unprecedented financial turmoil at the time forced then president Gotabaya Rajapaksa to resign amid widespread civil unrest.The steep increase has sparked concern among transport operators. Non-state bus owners warned that up to 90 per cent of their fleet could be taken off the roads unless fares are revised.“This is the biggest rise of diesel ever. We will not be able to operate buses without an adequate fare revision. We need a minimum 15 per cent fare hike to stay afloat,” Gamunu Wijeratne, chairman of the Lanka Private Bus Owners’ Association, told reporters.The association threatened a nationwide strike if authorities fail to announce a scheduled fare revision.Responding to the developments, the National Transport Commission (NTC) said the latest diesel price increase, when applied to its fare formula, translates into a rise of more than 10 per cent in current bus fares. NTC Director General Nilan Miranda said Cabinet approval is expected on Monday to implement revised fares, according to media reports.Private operators account for about 65–75 per cent of the island nation’s public transport fleet, while the state-run share stands at around 25–35 per cent.Three-wheeler taxi operators, many of whom use petrol vehicles dominated by India’s Bajaj brand, said the price of commonly used petrol had risen to nearly LKR 400 per litre.“Who would want to ride with us at this rate?” a three-wheeler driver said, as quoted news agency PTI.Apart from state-owned Ceylon Petroleum Corporation (CPC), fuel retailing in Sri Lanka is also carried out by Lanka IOC — a subsidiary of IndianOil –as well as China’s Sinopec and Australia’s United Petroleum. Following CPC’s decision, LIOC and Sinopec also revised their retail fuel prices, media reports said.Opposition leaders criticised the government’s tax policy, claiming that authorities collect about LKR 119 per litre of petrol and LKR 93 per litre of diesel in taxes. They demanded that these levies be scrapped to provide relief to consumers.Analysts warned that the fresh fuel price hike could push inflation higher by 5–8 per cent.Earlier, government spokesman and minister Nalinda Jayatissa said that despite the price revisions, the government continues to bear a monthly subsidy burden of around Rs 20 billion by subsidising diesel by Rs 100 per litre and petrol by Rs 20 per litre.He said that without the revision, the state would have faced an additional financial burden of approximately $1.5 billion. Jayatissa urged the public to consume electricity and fuel “mindfully” and warned against hoarding, calling on citizens to report any such attempts.
Business
Govt orders faster city gas project clearances, hikes commercial LPG allocation to ease supply stress – The Times of India
The government has stepped up efforts to streamline gas distribution and ease supply pressures, directing faster processing of city gas projects while increasing allocations of commercial LPG to key sectors amid a challenging geopolitical environment.The Petroleum and Explosives Safety Organisation (PESO) has instructed its offices to dispose of City Gas Distribution (CGD) applications within 10 days, aiming to accelerate the rollout of piped natural gas (PNG), an official statement said.Commercial LPG consumers in major cities and urban areas have also been advised to shift to PNG as part of a broader strategy to reduce dependence on liquefied petroleum gas. Domestic LPG supply remains stable, with no reported dry-outs at distributorships and normal delivery patterns across the country, the statement said, adding that most deliveries are being carried out through the Delivery Authentication Code (DAC) while panic bookings have subsided, PTI reported.On the commercial LPG front, the government has progressively increased allocations. After restoring 20 per cent supply earlier, an additional 10 per cent allocation linked to PNG expansion reforms was announced on March 18. A further 20 per cent allocation was cleared on March 21, taking total commercial LPG supply to 50 per cent.The latest increase prioritises sectors such as restaurants, dhabas, hotels, industrial canteens, food processing units, dairy operations, community kitchens and subsidised food outlets run by state governments and local bodies. Provision has also been made for 5 kg cylinders for migrant workers.Around 20 states and Union Territories have implemented the revised allocation guidelines, while public sector oil marketing companies are supplying commercial LPG in the remaining regions. In the past eight days, about 15,440 tonnes of LPG have been lifted by commercial entities.Educational institutions and hospitals continue to receive priority, accounting for nearly half of the total commercial LPG allocation. Despite global uncertainties affecting supply, the government indicated that domestic availability remains under control while efforts continue to transition urban consumers towards PNG.
Always products are displayed on a shelf in a supermarket in Sarajevo, Bosnia and Herzegovina October 29, 2024.
Dado Ruvic | Reuters
Rising inflation and ever-changing tariff policies have led to higher prices across store shelves over the past few years, squeezing consumers’ budgets.
An often overlooked example: menstrual products.
The average price of menstrual products, including sanitary pads and tampons, has risen nearly 40% since 2020, from roughly $5.37 per unit to $7.43 per unit, according to February data from Chicago-based market research firm Circana.
Dollar sales from menstrual products have grown by nearly 30% over that same period, according to Circana.
But at the same time, sales of menstrual products — which broadly includes pads, tampons, liners and more — have seen a roughly 6% decrease since 2022, falling incrementally each year, according to data from NielsenIQ.
The data analytics company noted that items across the store have seen average unit price increases, with the dollar volume of consumer packaged goods at large rising 2.7% year-to-date. Those price increases are in line with climbing inflation, with the latest consumer price index in February showing a 2.4% annual rise.
The latest CPI data found that inflation in personal care products in the U.S. has jumped dramatically, up 22.1% in February from January 2020.
But because menstrual products are a necessity for a large portion of the population, those costs may be hurting consumers.
“I do think that we’re at a point where consumers in general are having to choose whether they can buy food for their family, or buy prescriptions for their family. Some things that we do typically define as a necessity, people are finding alternatives for or going without,” said Sarah Broyd, a partner with consultancy firm Clarkston Consulting.
Broyd said the gap between higher prices and declining sales shows consumers may be searching for alternatives out of necessity.
Menstrual products haven’t just been hit by inflation, either. According to government data, the U.S. collected $115 million through tariffs on menstrual products containing cotton in 2025, compared with just $42 million in 2020.
The U.S. imported the majority of its menstrual products from Canada, China and Mexico in 2024, according to the World Bank. President Donald Trump has imposed tariffs on all three of those countries at varying levels over the past year.
Those added costs come on top of the so-called “pink tax,” where some states place a sales tax on menstrual products. According to 2025 data from Statista, Tennessee, Mississippi and Indiana have the highest sales tax on menstrual products at 7%. Products that are deemed “medical devices” are often excluded from sales taxes.
‘A subscription service to be a woman’
For 30-year-old Dafna Diamant, the rising price of menstrual products has become noticeable at the cash register and a drag on her monthly expenses.
The New York resident said she’s noticed her usual pack of roughly 18 tampons rise to somewhere around $25, especially over the past year.
“It’s crazy, and it just feels like as a woman, you have to pay sometimes $50 every couple months,” Diamant told CNBC. “And for some people, it takes a toll on the income.”
Diamant said she feels particularly frustrated because it’s not a monthly expense she can go without. She often buys store-brand period products at retailers like CVS and Walgreens, yet she said she’s still shocked by the sticker price.
“It still feels like a subscription service to be a woman,” Diamant told CNBC. “You have to pay every month to be fertile.”
Even larger companies have felt the effects. Procter & Gamble, the parent company of menstrual product brand Always, said in July that it was raising prices on 25% of its personal care and household products due to a $1 billion total annual tariff impact. It manufactures its Always products across facilities in Maine, Utah and Canada, according to the company.
P&G declined to comment for this story.
Kimberly-Clark, the maker of menstrual product brand Kotex, said on an earnings call in April that the company incurred a total of $300 million in gross costs from tariffs, with more than half of that related to tariffs on China. The company did not respond to CNBC’s requests for comment.
Broyd, the partner at Clarkston Consulting, said menstrual products have been hit with a “triple whammy” of rising raw material costs, inflation across energy and supply chains, and cross-border friction from tariffs.
“When you think about plastic and pulp and some of the main components of feminine care products, they’re largely probably coming from overseas and then getting hit with that much more of tariffs,” Broyd said.
She added that these tariffs are on top of already alleged higher levies on other women’s products, the subject of Congress’ Pink Tariffs Study Act introduced last year by Democrats to determine whether the U.S. tariff system is “regressive” or has a “gender bias.”
As prices continue to shoot up, Broyd said she believes companies will continue to reevaluate their portfolios and potentially sell off their feminine care segments to focus on businesses with higher margins. In November, Edgewell Personal Care sold its feminine care business to a company in Sweden for $340 million.
“You’re seeing these more niche, more startup type brands that are popping up in stores. … That’s the biggest growth,” Broyd said. “People that have the ability to flex up and buy more organic or products that they trust, they’ll spend that price premium. But for other consumers that don’t have the discretionary income to do that, they’re going to trade down and go private label, or go without.”
The rise of reusables
Diamant said she and her friends are now trying period underwear instead of single-use products to streamline their expenses.
A growing number of people have been trying reusable period products, primarily because they’re environmentally friendly and cheaper.
Major manufacturers have often relied on brand loyalty for their products, which could take a hit if consumers turn to alternatives.
“If you’re in fem care, you’re going to be using Kotex for 40 years. If you’re in Depend, you’re going to be using Depend for 40 years, right?” Kimberly-Clark CEO Michael Hsu said on a November earnings call. “There is long-duration frequency. There’s a lot of expenditure for consumers, and so because of that, they want to have an ongoing relation with us.”
Saalt, a reusable period products company offering cups, discs and underwear, said it estimates that 16% to 20% of U.S. consumers have tried or used reusable menstrual products, consisting of mostly younger consumers.
“Affordability is huge,” CEO Cherie Hoeger told CNBC. “When you look at our product, a cup or disc can last 10 years, and our product is only in the $30 price range. … They’re able to save up to $1,800 on the lifespan of that cup or disc, and that’s on the low end.”
Saalt, which launched in 2018, hit revenues of eight figures in its third year of business, Hoeger said. The company declined to disclose details of its financials, but she said demand has grown year-over-year since it launched.
Among Generation Z, Hoeger said the top reason for switching to reusables is pricing.
“They usually have some affinity toward sustainability and climate change, but it’s never their number one,” Hoeger said.
The rise of reusables may be contributing to the declining sales of single-use period products over the past few years. It also coincides with recent studies indicating that tampons could contain lead or other harmful ingredients. The Food and Drug Administration investigated the presence of metals and determined there was no risk.
Riding that momentum, other companies like Knix, MeLuna, Flex and more have entered the reusables space and garnered growing market share as consumers search for alternatives.
“Affordability is the crux; it’s the root problem,” Hoeger said. “Without affordability for these period products, you have real economic consequences for women to happen.”
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