London's benchmark index is losing its footing even as corporate results come in better than expected, with Tuesday's trading exposing cracks beneath the surface of the UK's largest listed companies. Valve maker Spirax and insurer Legal & General led a broad decline that dragged the FTSE 100 lower for a second consecutive session. Main Developments The FTSE 100 slipped 0.1% to 10,851.58 points by 1016 GMT, while the midcap FTSE 250 fell 0.3% to 24,678.20 points. Spirax emerged as the session's worst performer, shedding 6% after the company maintained its annual forecast despite reporting stronger first-half results. Legal & General dropped 4.4% after receiving downgrades to "sell" from "neutral" at both UBS and Goldman Sachs. UBS cited peak valuations, thinner margins in its pension risk transfer business and a declining solvency ratio, while Goldman flagged that the insurer's new gilt-heavy strategy trades earnings visibility for optionality. Read also: Palm Oil Hits Four-Month High as Crude, Rival Oils Rally A broader FTSE 350 insurers index tumbled 2.6%, with Standard Life and Prudential also feeling the pressure. IWG slipped 1.9% following Jefferies' warning about cash flow headwinds, and InterContinental Hotels Group fell 1.3% as Middle East weakness offset US and China gains in room revenue. Background Tuesday's slide compounds Monday's losses, extending a cautious mood that has gripped European markets. Global equities also weakened as oil prices climbed after US-Iran negotiations over a peace deal and the reopening of the Strait of Hormuz reached an impasse. Consumer data released the same day painted a mixed picture of the British economy. Retail sales rose 1.3% in July compared with a year earlier, down from June's 1.9% pace and below the average trend, even as World Cup-related food and pub spending and warm-weather clothing purchases provided a lift. Why It Matters The divergence between solid corporate results and falling share prices suggests investors are looking past current earnings toward structural concerns in specific sectors. Insurance downgrades point to worries about business model sustainability, while the oil price spike adds fresh inflationary pressure just as central banks weigh their next moves. For UK households, the retail data signals that consumers remain cautious about non-essential spending despite pockets of strength, a dynamic that could temper the economic recovery. What's Next Markets now turn to Wednesday's US inflation figures and Thursday's second-quarter UK GDP data, both of which will shape monetary policy expectations on either side of the Atlantic. How those readings land could determine whether the FTSE's two-day slide deepens or finds support.