LONDON MARKETS: FTSE 100 Ends With A Loss, With Investors On Edge
2018年2月14日 - 2:36AM
Dow Jones News
By Carla Mozee, MarketWatch
U.K. inflation sticks at 3%
U.K. stocks ended slightly lower Tuesday as investors remained
on watch for signs of another sharp selloff, and as U.S. stock
markets stumbled.
Stocks continued to waver after a reading on U.K. inflation
remained well above the Bank of England's target.
Mining stocks largely bucked the losing trend, aided by stronger
prices for metals.
How did markets perform?
The FTSE 100 closed 0.1% lower at 7,168.01 after moving in and
out of positive territory throughout the session. On Monday, the
benchmark jumped 1.2%
(http://www.marketwatch.com/story/ftse-100-rises-sharply-from-14-month-low-2018-02-12),
breaking a two-session losing run.
The basic materials group had the strongest showing among
sectors on Tuesday, while utility, telecom and consumer-goods
shares were among those that lost ground.
The pound traded at $1.3891, compared with $1.3837 late Monday
in New York.
What drove the markets?
A new round of mild volatility washed over U.K. and European
equity markets, which largely started with modest gains before
flipping lower. A recovery in U.S. stocks, which often set a lead
for U.K. equities, was faltering Tuesday
(http://www.marketwatch.com/story/third-straight-win-for-us-stocks-in-doubt-as-dow-futures-tumble-more-than-100-points-2018-02-13),
with the Dow Jones Industrial Average down more than 80 points
during the session.
But gains for metals prices such as copper and gold buoyed
shares of mining companies listed in London. Metals prices
denominated in dollars found strength on the back of a softening in
the U.S. dollar
(http://www.marketwatch.com/story/dollar-slides-vs-yen-as-investors-weigh-up-recent-stock-gains-2018-02-13).
What's was on the economic docket?
The U.K.'s Office for National Statistics on Tuesday said the
rate of inflation in January was 3%
(http://www.marketwatch.com/story/uk-inflation-rises-stays-above-boe-targets-2018-02-13).
That's the same rate logged in December, and Tuesday's result was
just ahead of a 2.9% consensus estimate from FactSet. The pound
spent time above $1.39 after the data.
Inflation is tracked by BOE policy makers in plotting the path
of interest rates, with a target of 2% inflation. Last week, the
BOE signaled
(http://www.marketwatch.com/story/bank-of-england-signals-swifter-rate-hikes-2018-02-08)
that it could raise interest rates at a faster pace than it
previously anticipated, if the global economic recovery and U.K.
wage growth continue to strengthen. That message was reiterated
Monday in a speech by Bank of England policy maker Gertjan
Vlieghe.
Read:A U.K. rate rise in May? Analysts digest hawkish surprise
from BOE
(http://www.marketwatch.com/story/a-uk-rate-rise-in-may-analysts-digest-hawkish-surprise-from-boe-2018-02-08)
What strategists are saying
In the inflation report, "the real head turner turned out to be
the core CPI reading, which jumped back to 2.7% to negate last
month's 0.2% fall. With core CPI now back to the joint highest
level since 2011, the intense price pressures remain on the BOE to
raise rates, with markets factoring in a greater than 50% chance of
two or more rate rises in 2018," said IG market analyst Joshua
Mahony in a note.
"Unfortunately for [Bank of England Governor] Mark Carney, his
recent reasoning that inflation could rise over the short term due
to energy prices appears to be undermined, with the core reading
showing that U.K. inflation is on the rise irrespective of energy
prices," said Mahony.
Stocks in focus
TUI AG shares rose 1.2% after the vacation-services company
posted a narrower net loss of 99.6 million euros ($112.7 million)
for the first quarter and backed its full-year guidance
(http://www.marketwatch.com/story/tui-narrows-net-loss-backs-2019-guidance-2018-02-13).
Among mining stocks, Anglo American PLC (AAL.LN) gained 1.7% and
Glencore PLC (GLEN.LN)leapt 2.5%. Randgold Resources PLC (RRS.LN),
however, turned lower and fell 0.8%.
BHP Billiton PLC shares (BLT.LN) (BHP.AU) (BHP.AU) picked up
1.8%. The iron-ore producer said it expects to recognize a $1.8
billion income-tax expense
(http://www.marketwatch.com/story/bhp-flags-18b-expense-due-to-us-tax-laws-2018-02-13)
to reflect the reduction in the U.S. federal corporate-tax rate and
other changes.
Leading decliners on the FTSE 100, water management company
Severn Trent PLC (SVT.LN) lost 3.4%, United Utilities Group PLC
(UU.LN) moved down 3.1% and financial services firm Hargreaves
Lansdown PLC (HL.LN) ended 2.6% lower.
(END) Dow Jones Newswires
February 13, 2018 12:21 ET (17:21 GMT)
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