June 19, 2024

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FTSE 100 Extends Losses As Inflation Focus Weighs

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FTSE 100 of the London Stock Exchange slipped more than a quarter percent, in line with its European peers even as markets reconciled with the prospect of central banks persisting with the inflation combat strategy. Hawkish comments by Bank of England officials weighed ahead of release of key global inflation updates.

FTSE 100 oscillated between 7,460.70 and 7,403.25 as compared with the previous day’s closing level of 7,460.70.

The benchmark index of the London Stock Exchange is currently trading at 7,435.49, having slipped 0.34 percent on an overnight basis.

In the 100-scrip index, only 20 are trading in the overnight green zone.

Rolls Royce surged 6.5 percent after the company set new profit targets. Smurfit Kappa Group added 3.6 percent. Mondi gained 1.4 percent.

Pearson dipped 4.2 percent followed by Burberry Group that slipped 3.1 percent.

Rightmove, Entain, Ocado Group, Land Securities Group, Segro and Rentokil Initial have shed more than 2 percent.

Amidst the Dollar Index edging up to 103.23, the GBP/USD pair decreased 0.04 percent overnight to 1.2620. The pair ranged between 1.2642 and 1.2607 in the day’s trade.

Yields on U.K.’s ten-year bonds jumped more than 1.2 percent, to trade at 4.2670 percent amidst hawkish comments from Bank of England officials that insisted on maintaining a restrictive monetary policy. It was 4.213 percent at the previous close.

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Market Analysis

2023-11-28 07:34:42

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