The UK’s FTSE 100 index slipped on Thursday, tracking weakness in oil and mining stocks as commodity prices fell amid concerns over further rate hikes by the US Federal Reserve.
The blue-chip FTSE 100 fell 0.1%, while the mid-cap FTSE 250 was down 0.2%, as of 0730 GMT.
Oil giants BP Plc and Shell Plc lost 0.8% and 0.5% respectively, with crude prices falling against the dollar as rate hike fears hurt growth and weighed on fuel demand. Base metal miners lost 0.7%, with shares of Antofagasta leading declines, down 4.4%.
FTSE 100 snaps eight-day winning streak as inflation clings on
Limiting losses, lenders were up 1.0%, taking cues from upbeat US bank earnings. Segro gained 1.5% after the warehousing specialist said it was witnessing strong occupier demand from a diverse range of customers amid limited supplies in the market.
Hochschild Mining dropped 4.7% after the miner reported a near-35% fall in annual adjusted core profit. Meanwhile, investors will await the UK’s consumer confidence figure due later in the day.
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