FTSE 100 Slumps As US Debt Default Worries Linger
(RTTNews) - U.K. stocks slumped on Wednesday as U.S. debt ceiling negotiations dragged on with no agreement.
Meanwhile, U.K. consumer price inflation slowed in April, but the core rate accelerated unexpectedly, data from the Office for National Statistics showed earlier today.
The consumer price index registered an annual increase of 8.7 percent in April after a 10.1 percent gain in March. Inflation was forecast to ease to 8.3 percent.
Input price inflation hit its lowest level since February 2021 while factory gate inflation reached the weakest since July 2021.
The benchmark FTSE 100 was down 114 points, or 1.5 percent, at 7,643 after closing 0.1 percent lower on Tuesday.
Energy company SSE climbed 1.2 percent after reporting nearly doubling of its annual profits.
Engineering consultancy Ricardo rose over 1 percent after backing its full-year guidance.
Tullow Oil rallied 2.6 percent after the oil exploration firm retained its full-year production outlook.
Home improvement retailer Kingfisher fell 2.7 percent after first-quarter comparable sales fell 3.3 percent on a constant currency basis.
Insurer Aviva lost 4 percent after reporting a slowdown of cash inflows at its wealth division for the first quarter.
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