On Friday, British stocks sank because stocks of InterContinental Hotels Group PLC were under pressure after a trading update.
The FTSE 100 dipped 0.3%, trading at 6,098.19. The utilities sector appeared the only to register revenues, as FactSet data states.
As for decliners, we should mention Inmarsat PLC. Its shares dropped 5.2%, thus contributing to Thursday’s 7.2% tumble after the satellite company reduced its full-year sales outlook.
Commodity shares also found themselves in the red, with dropping oil majors Royal Dutch Shell PLC and BP PLC amid descending oil.
Additionally, the FTSE 100 was on track for its 2.3% weekly drop. It would definitely mark a third week minimum as well as the more impressive pullback since February 12.
Market sentiment seems to be quite cautious because traders are looking forward to the latest non-farm payrolls data, that could help to evaluate the chances of the Fed’s probable rate hike in June. It feels like market participants would like to take a view on the greenback this morning.