Miners, banks pull FTSE 100 down as inflation concerns weigh

Stock Markets10 minutes ago (Oct 12, 2021 03:41AM ET)

(C) Reuters. FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo

(Reuters) – London’s FTSE 100 index fell on Tuesday, led by declines in heavyweight mining and banking stocks, as sentiment was weighed by higher energy costs, supply chain disruptions and an imminent rate hike that could affect quarterly corporate performance.

The blue-chip FTSE 100 index declined 1% at 0710 GMT, with miners Rio Tinto (NYSE:RIO), Anglo American (LON:AAL) and BHP Group (NYSE:BHP) falling between 1.2% and 2.3%. [MET/L]

Industrial and precious metal miners fell about 1% each, and banks fell 1.5%.

The domestically focussed mid-cap index declined 0.8%, with capital goods stocks among the worst performers.

Payments specialist Equiniti, which is being bought by New York-based company Siris Capital, could face some job cuts once the deal is closed, the private equity firm said late on Monday. Its shares rose 0.5%.

On the macro front, UK’s labour market showed signs of further recovery as employers added a record-high 207,000 staff to their payrolls in September and separate data showed UK’s unemployment rate fell to 4.5% in the three months to August, reinforcing bets for a sooner Bank of England rate hike.

Miners, banks pull FTSE 100 down as inflation concerns weigh

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Join the exclusive subscription today and get premium articles for free

Up Next