Two London-listed companies, two foreign reporting currencies and one trading day: Tuesday's updates from CCEP and Hiscox (LSE:HSX) offered a neat case study in the FTSE 100's international make-up.

Ask a casual observer what currency FTSE 100 companies report in, and the natural answer might be pounds. Tuesday 3 November 2026 offered a reminder that the reality is more varied. Coca-Cola Europacific Partners (LSE:CCEP) published its third-quarter trading update in euros, while Hiscox (LSE:HSX) set out its nine-month figures in US dollars. Both are FTSE 100 members, quoted in London, yet neither tells its financial story primarily in sterling.

Their share prices moved in opposite directions. CCEP fell 2.1% after flagging cost pressures, while Hiscox rose 2.9% after reporting a 9.5% increase in nine-month premiums. The wider index had a tough day, closing at 10,638.43, down 1.14%, in what Reuters described as its steepest one-day fall in a month.

CCEP: a euro story with a British chapter

CCEP's results are presented in euros, reflecting a Business spread across Europe and the Asia Pacific region. In the quarter ended 2 October, Revenue reached €5,764m, up from €5,410m a year earlier. That was growth of 6.5% on a reported basis and 5.8% on a currency-neutral basis. Volume rose 3.6% to 1,048m unit cases, and revenue per unit case increased 2.2% to €5.46.

The regional breakdown shows how many currencies sit beneath the euro total. Europe generated €4,436m of revenue, up 5.2% on a currency-neutral basis, while the Asia Pacific segment, known as APS, delivered €1,328m, up 7.8%. Within Europe, Great Britain contributed €1,003m, rising 8.0% on a currency-neutral basis. Germany brought in €848m, up 1.9%, held back by a customer dispute in September that management said had normalised by October.

That means some of CCEP's Earnings are generated in sterling, then reported in euros, and then valued by London investors in pence. Each step involves an exchange rate. The currency-neutral figures strip out those effects to show underlying performance, while the reported figures show what currency movements did to the headline.

CCEP also reaffirmed its 2026 guidance, including revenue growth of 3% to 4%, operating profit growth of around 7% and comparable free Cash Flow of at least €1.7bn. Its second-half Interim Dividend of €1.42 per share is declared in euros too.

Hiscox: a dollar story with global reach

Hiscox reports in US dollars. Its group insurance contract written premiums for the nine months to 30 September came to $4,437.2m, against $4,052.9m a year earlier. That was 9.5% growth as reported and 8.1% in constant currency.

The divisions tell their own stories. Retail grew 9.1% in constant currency, with double-digit growth in the third quarter and rates up 1%. London Market premiums increased 9.9% to $1,050.5m, although rates fell 5%. Hiscox Re gross premiums grew 4.5% to $1,133.4m, with rates down 14%. Chief executive Aki Hussain said the group was "walking away from underpriced business."

The Investment result fell to $104.2m, a 1.2% return, from $350.8m, or 4.2%, a year earlier, while the reinvestment Yield stood at 5.1%. A benign natural catastrophe period more than offset marine losses linked to the Middle East conflict. Hiscox's $300m buyback, also denominated in dollars, was 81% complete.

Yet the shares trade in pence in London. They opened up 2.8% at 1,935p on Tuesday. That combination of dollar reporting and sterling pricing means the Exchange Rate between the two currencies sits between Hiscox's results and its share price.

Why the reporting currency matters

The gap between reported and currency-adjusted growth appeared in both updates, and in both cases reported growth was higher. That indicates currency movements added to the headline figures over the period, although the precise drivers differ for each company and their mix of underlying currencies.

For London-based investors, there is a further layer. Sterling was trading around $1.3417 on Monday 2 November and about 83.53p per euro. For illustration, $1,000 converted at $1.3417 per pound would be worth about £745.32, while €1,000 converted at 83.53p per euro would be £835.30. If sterling strengthened, the same dollar or euro amounts would convert into fewer pounds; if it weakened, into more. These are hypothetical sums, used only to show the mechanism.

That matters this week because the Bank of England is widely expected to raise Bank Rate by 25 basis points from 3.75% to 4% on Thursday 5 November, the first increase since August 2023. Changes in Interest Rate expectations can move sterling, which in turn affects how overseas earnings translate. Data on eurozone Inflation on Wednesday, expected at 3.9%, and the US October jobs report on Friday could also influence the euro and the dollar respectively.

It is worth separating two effects. Translation describes how results earned in one currency look once converted into another for reporting; it changes the headline without altering what happened on the ground. Transaction effects arise when a business buys inputs in one currency and sells in another, which can affect margins directly. Constant-currency measures, like those both companies publish, are designed mainly to strip out the first of these.

The broader point is that the FTSE 100 is far from a purely domestic index. Companies such as CCEP and Hiscox show that many of its members earn, report and even declare dividends in other currencies, which is one reason the index can behave quite differently from the UK economy.

Key dates to watch

Wednesday 4 November:Eurozone inflation figures, expected at 3.9%.

Thursday 5 November:Bank of England MPC decision, with a 25bp rise to 4% widely expected.

Friday 6 November:US October jobs report.

Friday 20 November:CCEP Record Date for its €1.42 interim dividend.

Thursday 3 December:CCEP €1.42 interim dividend payment date.

The bottom line

CCEP and Hiscox both report in currencies other than sterling, yet both sit in the FTSE 100 and trade in pence. Their Tuesday updates showed reported growth outpacing currency-neutral growth, highlighting the role exchange rates play in headline numbers. With an expected Bank of England hike on Thursday and key data from the eurozone and the US this week, the currency mix inside the FTSE 100 is likely to remain an important lens for reading company results.