19/06/2026
FTSE 100 today: Stocks slip ahead of BoE decision as oil tumbles
British stocks traded lower on Thursday ahead of the Bank of England’s interest rate decision, as a sharp decline in oil prices weighed on heavyweight energy shares despite stronger-than-expected wage growth and an unexpected fall in unemployment.
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As of 03:25 ET (07:25 GMT), the FTSE 100 fell 0.54%, underperforming its European peers. Germany’s DAX rose 0.46%, while France’s CAC 40 edged higher to 0.25% higher as investors welcomed signs of easing geopolitical tensions in the Middle East.
Official data showed average weekly earnings excluding bonuses held at an annual rate of 3.4% in the three months to April, above economists’ forecasts of 3.2%, while the unemployment rate unexpectedly fell to 4.9% from 5%. Total pay including bonuses rose 4.4% year-on-year, suggesting underlying wage pressures remain resilient.
The labour market report offered a mixed picture for policymakers. While wage growth remained stronger than expected, job vacancies fell by 19,000 to 707,000 in the three months to May, the lowest level since early 2021, and the claimant count increased in May, pointing to a gradual easing in labour demand.
Investor sentiment was also shaped by developments in the Middle East after the United States and Iran signed a 14-point agreement aimed at restoring Iranian oil exports, reopening the Strait of Hormuz and establishing a framework for a broader deal within 60 days.
Initial negotiations on implementing the agreement are expected to begin in Switzerland on Friday. The deal has been broadly welcomed by global leaders, with supporters arguing it could improve energy security and reduce risks to global trade routes.