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The FTSE 100 experienced minimal movement on Tuesday as it steadied following two consecutive days of losses, buoyed by an uptick in healthcare and consumer goods stocks. AstraZeneca saw a 1.2% increase, with GlaxoSmithKline rising by 1.9%. In the consumer staples sector, Unilever appreciated by approximately 0.7%, and British American Tobacco advanced by over 1%. BP’s shares also climbed more than 1% after reporting third-quarter profits of $2.2 billion, surpassing expectations, alongside the announcement of a $750 million share buyback. Additionally, BP confirmed it is on target to exceed $4 billion in divestment proceeds for the year, following a $1.5 billion sale of U.S. shale assets. Meanwhile, Chancellor Rachel Reeves, in her pre-budget address ahead of the late-November fiscal statement, provided limited details but hinted at potential tax increases. She attributed years of economic mismanagement and global pressures as challenges while reaffirming her “iron-clad” fiscal policies and dedication to reducing inflation and upholding fiscal discipline, which influenced the pound to rise toward $1.30.
