FTSE 100 Declines As China Holds Back On More Stimulus
2024-10-07
4913
(fxcue news) - U.K. stocks traded lower on Tuesday after a highly anticipated press conference by China's National Development and Reform Commission disappointed those hoping for more stimulus.
Rising borrowing costs in the U.K. in recent days also spelled trouble for the government, which is set to unveil its budget at the end of the month.
The yield on 10-year U.K. government gilts now sits at 4.2 percent, its highest level since the general election in July.
The benchmark FTSE 100 fell 106 points, or 1.3 percent, to 8,197 after gaining 0.3 percent in the previous session.
Miners suffered heavy losses, tracking lower copper and iron ore prices as initial optimism over top consumer China's stimulus measures faded. Anglo American, Antofagasta and Glencore lost 4-6 percent.
Engineering firm and aerospace parts maker Senior plummeted 13 percent after a profit warning due to challenges in the aerospace market.
Vistry plunged 28 percent after the homebuilder slashed its fiscal 2024 profit outlook.
Imperial Brands rallied 3.5 percent after the maker of Winston cigarettes reported trading in line with expectations for fiscal 2024.
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