FTSE 100 Falls As Rising Crude Oil Prices Spotlight Inflation
(RTTNews) - FTSE 100 of the London Stock Exchange declined 0.68 percent amidst renewed concerns over inflation triggered by the rise in crude oil prices. Crude oil prices rose amidst supply concerns exacerbated by Saudi Arabia and Russia extending production cuts to the end of the year.
FTSE 100 oscillated between 7,437.93 and 7,369.64 versus the previous day's closing level of 7,437.93.
The benchmark index of the London Stock Exchange is currently trading at 7,387.26, having declined 0.68 percent on an overnight basis.
In the 100-scrip index, only 22 are trading in the overnight green zone.
Specialty chemicals business Johnson Mathey gained close to 3 percent. B&M European Value Retail, Sage Group and Segro, all gained more than 1 percent.
Prudential, Burberry Group, International Consolidated Airlines Group, ABRDN, 3I Group and Persimmon, all declined more than 2 percent.
Amidst the Dollar Index slipping 0.16 percent to 104.64, the GBP/USD pair decreased 0.13 percent overnight to 1.2547.
Yields on U.K.'s ten-year bonds hardened much more than its European peers, spiking 0.77 percent to trade at 4.5590 percent.
Data released earlier had shown the S&P Global/CIPS UK Construction PMI declining to 50.8 in August, from 51.7 in July, and versus market expectations of 50.5.
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