Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Miners weigh London's FTSE 100 down; travel stocks jump

Stock MarketsSep 17, 2021 16:45
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© 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

By Devik Jain and Amal S

(Reuters) -London's FTSE 100 ended lower on Friday, weighed by a slump in mining stocks, while British retail sales fell unexpectedly in August, adding to concerns about economic recovery.

After rising as much as 0.9%, the blue-chip FTSE 100 index ended 1.2% lower, and marked its third consecutive week in red. The domestically focused mid-cap FTSE 250 index eased 0.2%.

Leading declines were base metal miners including Anglo American (LON:AAL), Rio Tinto (LON:RIO), BHP Group and Glencore (LON:GLEN) down between 2.6% and 8.2%, tracking weakness in iron ore. [METL/]

"I think the market is starting to get to grips with what potential contagion there is involved with how something like Evergrande going down would ripple around the world in terms of demand for things like iron ore," said Keith Temperton, sales trader at Forte Securities.

British retail sales dropped 0.9% on the month in August versus a Reuters poll for a rise of 0.5%, after data earlier this week pointed towards a sharp recovery in the jobs market and a spike in inflation.

Investor focus will now be on the outcome of Bank of England's (BoE) policy meeting next week.

"Next week's policy decision should reaffirm that some tightening will be needed over the next few years to keep inflation (and the economy) in check. But we don't expect the BoE to conclude that there is a sufficient case yet for near-term rate hikes," Deutsche Bank (DE:DBKGn) economist Sanjay Raja said.

The FTSE 100 and the FTSE 250 indexes have declined about 1.2% and 0.6% this week, as a better-than-expected labour market recovery and rising price pressures have fuelled concerns of an early tapering of stimulus measures by the Bank of England.

Airlines Wizz Air, Easyjet and British Airways owner IAG (LON:ICAG), and holiday company TUI (LON:TUIT) AG rose between 2.2% and 5.7%, as Britain was set to consider easing its COVID-19 rules for international travel.

Wickes Group jumped 3.3% to the top of FTSE 250 index after Deutsche upgraded the DIY retailer to "buy" from "hold".

Miners weigh London's FTSE 100 down; travel stocks jump
 

Related Articles

Boeing shares down slightly on 787, Starliner costs
Boeing shares down slightly on 787, Starliner costs By Reuters - Oct 28, 2021

By Sanjana Shivdas and Eric M. Johnson (Reuters) - Boeing (NYSE:BA) Co reported a quarterly net loss after fresh charges on its problem-plagued 787 and Starliner spacecraft...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
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.
Continue with Google
or
Sign up with Email