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Market Update: FTSE 100 Ends Lower As Inflation Rises, Asian Stocks Trade Mixed As Sensex Stays Above 51,100 Business News

London’s FTSE 100 closed lower on Wednesday after UK inflation data worried investors and the stronger pound weighed on multinational companies making profits abroad.

The blue chip index ended down 0.5 percent, with the real estate sector falling the most. Heavyweights Unilever, GlaxoSmithKline and Diageo were also among the main drag as sterling rose after inflation hit its highest level in nearly three years.

The domestically-focused mid-cap index fell 0.8%, with travel stocks down 1.2% amid concerns over the effects of a surge in Covid-19 cases.

Inflation in the UK rose for the second month in a row in June to 2.5%, above the central bank’s inflation target, due to higher prices for food, fuel, used cars, clothes and shoes, official data showed on Wednesday.

Meanwhile, other European markets like DAX and CAC also remained stable.

Wall Street stocks ended mixed results on Wednesday as concerns about inflation rise as the US Fed reassured people of “strong support” for the economy. The S&P 500 and the Dow Jones Industrial Average rose 0.1% while the Nasdaq Composite fell 0.2%.

Asia-Pacific stocks opened mixed on Thursday morning after global peers as investors also await the release of economic data in China. In Japan, the Nikkei 225 slipped 1.2 percent. Hang Seng rose 1.3% as mainland Chinese stocks were down at the start of trading, but rallied to 0.3% by noon.

Indian indices opened higher on Thursday, mainly boosted by IT stocks after Infosys released its June quarter results. Sensex rose over 100 points and stayed above 15,800.

Additional reports by agencies

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Source: www.independent.co.uk
This notice was published: 2021-07-15 05:59:05

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