Economic news

London Stocks Decline at Open as Rate Hike Fears Persist

  • FTSE 100 down 0.6%, FTSE 250 off 0.3%

July 7 (Reuters) - UK's FTSE 100 opened lower on Friday ahead of a crucial U.S. jobs data, as global sentiment remained trepid on the prospect of more rate hikes from the Federal Reserve, while shares of Coca Cola HBC jumped after the bottler raised its profit outlook.

By 0712 GMT, the blue-chip FTSE 100 lost 0.6%, while the more domestically-focussed FTSE 250 midcap index fell 0.3%.

Coca Cola HBC AG jumped 3.6% after the bottler raised its 2023 profit expectation.

The pharmaceuticals and biotech and utilities sectors were amongst the top losers, down 1.1% and 0.9%, respectively.

A key reading of U.S. jobs data due later in the day will be eyed to gauge the Federal Reserve's monetary tightening plans after the central bank kept rates steady in its previous decision.

Rotork added 1.4% after Jefferies raised the industrial group's rating to "buy" from "hold".

Reporting by Shashwat Chauhan in Bengaluru; editing by Eileen Soreng

Source: Reuters

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