FTSE 100 Drifts Lower On China Concerns
(RTTNews) - U.K stocks edged lower on the last trading session of the year amid concerns over the Federal Reserve's hawkish outlook and fears of a new variant emerging from China's latest COVID outbreak.
The benchmark FTSE 100 was down 15 points, or 0.20 percent, at 7,498 but was on track for a 1 percent gain this year.
Markets will see a shortened trading session today and will remain closed on Monday for the New Year holiday.
In economic releases, U.K. house price inflation slowed markedly at the end of the year as the rising interest rates and high inflation started to dampen the affordability of home buyers, data from the mortgage lender Nationwide showed earlier today.
House prices were 2.8 percent higher than in December 2021. This was slower than November's 4.4 percent increase, but faster than economists' forecast of 2.3 percent.
On a monthly basis, house prices dropped at a slower pace of 0.1 percent after a 1.4 percent decrease in November.
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