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FTSE 100 Tumbles As Record Wage Growth Fuels Inflation Concerns
(RTTNews) - U.K. stocks fell sharply on Tuesday after data showed the U.K. unemployment rate increased unexpectedly in the second quarter.
The jobless rate rose to 4.2 percent in three months to June, while it was forecast to remain unchanged at 4.0 percent - according to the office for National Statistics. Wage growth accelerated at the strongest pace on record between April and June - fueling concerns over inflation and further interest-rate rises.
The benchmark FTSE 100 was down 88 points, or 1.2 percent, at 7,418 after losing 0.2 percent on Monday.
In corporate news, retailer Marks & Spencer jumped 6.5 percent after raising its profit outlook.
Bunzl dropped 1.3 percent after the distribution and service specialist announced several acquisitions in Spain, Brazil, Canada and the Netherlands.
Bookmaker 888 Holdings fell nearly 2 percent after it swung to a pre-tax loss in the first half of the year on higher costs and expenses.
Likewise, life insurer and asset manager Legal & General tumbled 3.7 percent after it reported a 10 percent drop in assets under management in the year to end June.
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