Concerns about inflation weigh on the FTSE 100, dragged down by miners and banks.
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Higher energy costs, supply chain disruptions, and an impending rate hike weighed on the London Stock Exchange’s FTSE 100 index, which fell on Tuesday, driven by drops in heavyweight mining and banking sectors.
Rio Tinto (NYSE: RIO), Anglo American (LON: AAL), and BHP Group (NYSE: BHP) all fell 1.2 percent to 2.3 percent as the blue- chip FTSE 100 index fell 1% at 0710 GMT. [MET/L] Banks declined 1.5 percent, while industrial and precious metal miners each fell nearly 1%. Capital goods stocks were among the worst performers in the domestically focused mid-cap index, which fell by 0.8
percent.
Siris Capital, which is buying payments provider Equiniti, said late Monday that the merger could result in some job cutbacks. The company’s stock increased by 0.5 percent.
On the macro front, the UK’s labour market continued to improve in September, with employers adding a record-high 207,000 employees to their payrolls, and separate data showing the unemployment rate fell to 4.5 percent in the three months to August, reinforcing bets for a faster
Bank of England rate hike.
Story by : Norvisi Mawunyegah
