The UK’s highest inflation rate fell from a two-week high on Wednesday, reflecting a sharp loss on Asian stocks on Wall Street overnight, as confidence data of weak U.S. consumers reiterated fears about recession in the world’s largest economy.
Collecting some initial losses, the blue-chip FTSE 100 index fell 0.5% from 0848 GMT, while the mid-term FTSE 250 fell 1.2%.
The two lists are set to take a long three-day winning streak.
“We are seeing signs of confidence in buyers going out and worrying that global growth will fall into the water as the FTSE 100 follows in the footsteps of Wall Street and indices in Asia, Hargreaves Lansdown analyst Susanna Streeter said.
The UK economy is recovering from the risk of recession and rising inflation, which is approaching the double-digit territory, where the Bank of England is expected to raise another interest in August.
The tracks hit the FTSE 100 recently, as well as the blue-chip index examining its worst performance per minute since September 2020.
The record has fallen 1.3% so far this year, but more than its global peers due to the large presence of industry-focused companies, which have benefited from the increase in energy and stock prices.
Industrial assets in the mining sector were among the worst hit, falling 1.2% on Wednesday, as copper prices fell after a recent rally expected to rebound from demand. China’s top customers.
Anger American miner and producer Diageo fell 2.7% and 3.3%, respectively, while Deutsche Bank reduced its position for both companies.
However, major oil companies like Shell and BP went up even as crud prices remained under pressure.
Utilities United and the National Grid rose 0.8% and 0.9% respectively, while British power utility Ofgem unveiled a 9 20.9 billion package ($ 25.48) to boost grid capacity.
The price of Lookers jumped 4% after the car dealer industry went up a full year and the back of the car shortage.
The FTSE 100 is recovering from a two-week high and a slowdown – SABC News
Source link The FTSE 100 is recovering from a two-week high and a slowdown – SABC News