FTSE 100 dragged down by mining, energy shares tracking global mood – Devdiscourse
UK’s export-oriented FTSE 100 index fell on Tuesday, with energy stocks and miners among top losers, as investors turned risk-averse after the Bank of Japan unexpectedly tweaked its monetary policy.
Global markets encountered a sharp sell-off after Japan’s central bank tweaked its bond yield controls that will allow long-term interest rates to rise more. The blue-chip FTSE 100 shaved off gains from the previous session and fell 0.7%, while the mid-cap FTSE 250 was off 0.7%.
The region-wide STOXX 600 index was down 0.9%. Yields on long-term gilts lost 1.6% by 0807 GMT.
Miners and energy stocks lost 0.7% and 0.9%, respectively, tracking falling oil and copper prices as surging COVID infections in top-consumer China raised concerns over near-term demand outlook. Among small-caps, Petrofac Ltd plunged 8.6% after the oilfield services provider said it could post an operating loss for the year due to challenges in recovering costs in its engineering and construction (E&C) division.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
Email: info@devdiscourse.com
Phone: +91-720-6444012, +91-7027739813, 14, 15
© Copyright 2022
