FTSE 100 Slides As BRC Warns About Return Of Inflation
2024-11-22
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(fxcue news) - U.K. stocks declined on Tuesday amid apprehensions that November's figures may signal the end of falling inflation.
The British Retail Consortium (BRC) reported earlier today that U.K. shop prices dropped at a slower pace in November, signaling that shoppers are set to face rising price pressures.
The shop price index declined 0.6 percent on a yearly basis in November, slower than October's 0.8 percent decrease.
"November was the first time in 17 months that shop price inflation has been higher than the previous month, albeit remaining overall in negative territory," BRC Chief Executive Helen Dickinson said.
Investors were also reacting to U.S. President-elect Donald Trump's comments that he would impose tariffs on all products coming into the United States from Canada, Mexico and China on his first day in office.
The benchmark FTSE 100 was down 36 points, or 0.4 percent, at 8,255 after gaining 0.4 percent on Monday.
Irish Continental Group shares were down nearly 2 percent. The maritime transport company reported a 6 percent increase in consolidated group revenue to €521 million for the first ten months of 2024 compared to the previous year.
Energy and communications provider Telecom Plus rallied 3.4 percent after reporting an increase in half-year pre-tax profit and backing its full year outlook.
Halfords jumped nearly 15 percent. The bicycle and car products retailer has asked for more business support from the government to cope with the cost implications from the recent U.K. budget.
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