UK’s FTSE 100 falls as banks, miners drag; Barclays slides on job cuts

Oct 22 (Reuters) - Britain's FTSE 100 fell on Thursday, pressured by banks and mining stocks as investors weighed more corporate results against a backdrop of elevated oil prices and persistent inflation concerns.

The blue-chip FTSE 100 index ended down 0.5% at 10,699.33 points, briefly touching a one-week low during the session. The midcap FTSE 250 slipped 0.9%, its steepest one-day slide since October 1.

• Barclays fell 2.3% after missing estimates for third-quarter profit and announcing plans to cut about 5,000 jobs

• Banks were the biggest drag, with the index hitting its lowest since June

• Miners also weighed on the market. The FTSE 350 precious metal miners was down 5.2% as spot gold fell 2.2%, with Anglo American down 5.5%, Antofagasta off 6.5% and Rio Tinto 3.4% lower

• Industrial metal miners dropped nearly 4% each as copper prices slipped  [MET/L] [GOL/]

• Oil prices jumped to their highest levels since May, with Brent crude futures trading at over $111 a barrel. Energy stocks were the biggest gainers [O/R]

• Elevated oil prices have been fanning inflation concerns, forcing major central banks to raise interest rates

• Some defensive heavyweights helped limit the benchmark's decline. AstraZeneca rose 2.5%, while GSK gained 2.6% and Unilever added 3.1%

• Corporate earnings remained in focus as investors looked for clues on how geopolitical uncertainty and higher borrowing costs are affecting companies

• Pest control firm Rentokil Initial topped the FTSE 100 with an 8.6% rise after reporting higher third-quarter organic revenue growth and a $200 million buyback plan

• Second-quarter sales growth slowed at Britain's second-largest supermarket group Sainsbury's, sending its shares 2.1% lower

• Crowne Plaza owner IHG slipped 2.7% as rising interest rates and the impact of the Iran conflict overshadowed its quarterly room revenue beat

• London Stock Exchange Group gained 4.3% after raising its 2026 revenue outlook and agreeing to acquire financial data firm Octus for about $3.54 billion

(Reporting by Darshan Kumar and Medha Singh in Bengaluru; Editing by Tasim Zahid and Chris Reese)