FTSE 100 Slides As Pound Gains After Inflation Data
2024-09-09
3593
(fxcue news) - U.K. stocks traded lower on Wednesday as investors weighed the latest inflation data.
The U.K. headline consumer inflation gained 2.2 percent from a year ago in August, the same rate as seen in July, the Office for National Statistics reported.
However, price growth in the services sector picked up, cementing expectations that the Bank of England will pause interest rate cuts on Thursday. Services inflation rose to 5.6 percent from 5.2 percent.
Factory gate prices were up 0.2 percent in August, marking the slowest rate in seven months, while Input prices decreased 1.2 percent year-on-year in the month, reversing a 0.2 percent gain in July, separate set of data revealed.
The benchmark FTSE 100 dropped 44 points, or half a percent, to 8,265 as the British pound gained against its major peers after the release of inflation data.
In corporate news, Reckitt Benckiser rose about 1 percent. Media reports suggest that the consumer goods giant has started early discussions with potential suitors for a sale of its homecare assets.
Legal & General Group shares fell 2.5 percent. The financial services company has agreed to sell its U.K. house builder Cala Group for an enterprise value of 1.35 billion pounds ($1.78 billion).
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