FTSE 100 ends lower as inflation rises, Asian stocks trade mixed as Sensex remains above 51,100
Inflation in the UK rose for the second straight month in June to 2.5 per cent
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.London’s FTSE 100 closed lower on Wednesday after UK’s inflation data worried investors and stronger pound weighed on multinational companies that earn profits outside.
The blue chip index ended 0.5 per cent lower, with the real estate sector falling the most. Heavyweights Unilever, GlaxoSmithKline and Diageo were also among the top drags as sterling rose after inflation jumped to its highest in almost three years.
The domestically focussed mid-cap index fell 0.8%, with travel stocks down 1.2 per cent over concerns on the effects of a jump in Covid-19 cases.
Inflation in the UK rose for the second straight month in June to 2.5 per cent, above the central bank’s inflation target, led by higher prices for food, fuel, second-hand cars, clothing, and footwear, official data showed on Wednesday.
Meanwhile, other European markets like DAX and CAC also remained flat.
Wall Street stocks ended mixed results on Wednesday as worries about inflation rise while US Fed reassured people of “powerful support” to the economy. The S&P 500 and Dow Jones Industrial Average rose 0.1 per cent while the Nasdaq Composite fell 0.2 per cent.
Shares in Asia-Pacific opened mixed on Thursday morning following global peers as investors also await the release of economic data in China. In Japan, the Nikkei 225 slipped 1.2 per cent. Hang Seng advanced 1.3 per cent while Mainland Chinese stocks were lower in early trade, but recovered to 0.3 per cent by noon.
Indian indices opened higher on Thursday boosted mainly by IT stocks after Infosys reported its June quarter earnings. Sensex was up by over a 100 points and stayed above 15,800.
Additional reporting by agencies
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments