Economic news

Miners, Banks Pull FTSE 100 down as Inflation Concerns Weigh

* FTSE 100 down 1.0%, FTSE 250 off 0.8%

Oct 12 (Reuters) - London’s FTSE 100 index fell on Tuesday, led by declines in heavyweight mining and banking stocks, as sentiment was weighed by higher energy costs, supply chain disruptions and an imminent rate hike that could affect quarterly corporate performance.

The blue-chip FTSE 100 index declined 1% at 0710 GMT, with miners Rio Tinto, Anglo American and BHP Group falling between 1.2% and 2.3%.

Industrial and precious metal miners fell about 1% each, and banks fell 1.5%.

The domestically focussed mid-cap index declined 0.8%, with capital goods stocks among the worst performers.

Payments specialist Equiniti, which is being bought by New York-based company Siris Capital, could face some job cuts once the deal is closed, the private equity firm said late on Monday. Its shares rose 0.5%.

On the macro front, UK’s labour market showed signs of further recovery as employers added a record-high 207,000 staff to their payrolls in September and separate data showed UK’s unemployment rate fell to 4.5% in the three months to August, reinforcing bets for a sooner Bank of England rate hike.

(Reporting by Bansari Mayur Kamdar; Editing by Amy Caren Daniel)

Source: Reuters

To leave a comment you must or Join us

More news

Back to economic news list

By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree