Miners, banks pull FTSE 100 down as inflation concerns weigh
Reuters
Published Oct 12, 2021 03:39AM ET
(Reuters) - London's FTSE 100 index fell on Tuesday, led by declines in heavyweight mining and banking stocks, as sentiment was weighed by higher energy costs, supply chain disruptions and an imminent rate hike that could affect quarterly corporate performance.
The blue-chip FTSE 100 index declined 1% at 0710 GMT, with miners Rio Tinto (NYSE:RIO), Anglo American (LON:AAL) and BHP Group (NYSE:BHP) falling between 1.2% and 2.3%. [MET/L]
Industrial and precious metal miners fell about 1% each, and banks fell 1.5%.
The domestically focussed mid-cap index declined 0.8%, with capital goods stocks among the worst performers.
Payments specialist Equiniti, which is being bought by New York-based company Siris Capital, could face some job cuts once the deal is closed, the private equity firm said late on Monday. Its shares rose 0.5%.
On the macro front, UK's labour market showed signs of further recovery as employers added a record-high 207,000 staff to their payrolls in September and separate data showed UK's unemployment rate fell to 4.5% in the three months to August, reinforcing bets for a sooner Bank of England rate hike.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.