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FTSE 100 Extends Losses On Fed Worries
(RTTNews) - U.K. stocks fell on Wednesday to extend losses from the previous session, as investors braced for the Federal Reserve to deliver its third consecutive 0.75 percentage point rate hike at next week's FOMC meeting.
As inflation worries mount, the odds for a 100-basis-point rate hike have jumped.
Closer home, U.K. consumer price inflation slowed slightly in August from a 40-year high amid a fall in fuel prices, figures from the Office for National Statistics (ONS) showed earlier today.
Consumer price inflation unexpectedly slowed to 9.9 percent in August from 10.1 percent in July. The rate was forecast to rise slightly to 10.2 percent.
Another report from the ONS showed that factory gate inflation logged its first percentage point fall in the annual rate since May 2020, largely due to a fall in petroleum product prices.
Factory gate inflation eased to 16.1 percent from 17.1 percent in the prior month, while the rate was forecast to advance to 17.4 percent.
The benchmark FTSE 100 was down 51 points, or 0.7 percent, at 7,334 after declining 1.2 percent the previous day.
Housebuilder Redrow rose nearly 2 percent after its second-quarter revenue and profit topped forecasts.
Dunelm rallied 3.5 percent after the furniture retailer reported record preliminary results for the 53 weeks to 2nd July 2022.
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