FTSE 100 Slips After Inflation Data
(RTTNews) - U.K. stocks traded lower on Wednesday after U.K. inflation came in unchanged at the official target in June, but the stability of services inflation reduced chances of a rate cut in August.
The consumer price index grew 2.0 percent on a yearly basis, the same pace of growth as seen in May, the Office for National Statistics said. Headline inflation was expected to ease to 1.9 percent.
The chances of an interest rate cut in August diminished a bit more as services inflation steadied at 5.7 percent.
The benchmark FTSE 100 was down 18 points, or 0.2 percent, at 8,147 after falling 0.2 percent the previous day.
In corporate news, mining giant BHP rose 0.6 percent after posting second straight year of record iron ore production.
Peer Antofagasta slumped 4 percent. The Chilean miner warned annual production would be at the lower end of guidance.
HSBC Holdings was marginally lower as the lender announced the appointment of Georges Elhedery as the group chief executive.
Reckitt Benckiser shares were fluctuating. The consumer goods group said sales will be affected by a tornado that struck a warehouse in Mount Vernon, Indiana.
Smiths Group fell more than 1 percent after the engineering firm announced the sale of 1.2 million shares in ICU Medical.
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