Economic news

London's FTSE 100 slips as miners drag

Nov 10 (Reuters) - UK's FTSE 100 edged lower on Tuesday as falling gold prices weighed on miners, while investors assessed hawkish comments ​from Bank of England Deputy Governor Clare Lombardelli.

The blue-chip FTSE ‌100 index fell 0.2% to 10,751.59 points by 1710 GMT, while the midcap FTSE 250 was up 0.1%.

  • The precious metal miners index was the ​biggest drag on the benchmark index, falling 4.7% as gold ​prices declined 2.8%

  • Fresnillo , Endeavour Mining and Antofagasta were among ⁠the top losers on the benchmark index

  • The energy sector fell 1.6% after ​Brent crude slipped below $90 a barrel as US President Donald Trump ​downplayed further military action against Iran, easing Middle East supply concerns

  • On the flip side, the beverages index limited losses, rising 0.8%.

  • Marks & Spencer rose 4% to the top ​of the benchmark index after the clothing and food retailer forecast ​profit growth ahead of sales over the medium term, lifting the personal care ‌index ⁠0.7% higher

  • Investors parsed comments from BoE Deputy Governor Clare Lombardelli, who said in a Guardian interview that she would not rule out a December rate hike

  • Money markets priced in a roughly 50% chance of a ​25-basis-point BoE rate hike ​in December, ⁠according to LSEG data

  • On the data front, British retail spending rose modestly in October despite higher petrol prices, ​as households pared back spending in some categories ​ahead of ⁠Black Friday deals, a British Retail Consortium survey showed

  • Britons bought more essentials after the government's "Be Ready" campaign launched, though Worldpanel by Numerator found ⁠no signs ​of panic buying

  • Among individual movers, Vodafone ​fell 1% even after the telecoms firm raised its full-year profit and cash flow guidance

Reporting by ​Tharuniyaa Lakshmi in Bengaluru; Editing by Maju Samuel and Leroy Leo

Source: Reuters


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