The UK’s FTSE 100 dipped on Tuesday as bank stocks sank and data showed a decline in unemployment and growing salaries, which could put pressure on the Bank of England to reign in inflation.
Investors awaited U.S. inflation data before the Fed’s policy meeting next week.
HSBC Holdings and Lloyds Group weighed on the FTSE 100 at 7:15 GMT.
Rate-sensitive banks dropped 0.8%, ending a three-day gain. In the three months to July, Britain’s unemployment rate fell to 3.6%, the lowest since 1974, as more individuals left the labor market and earnings increased, indicating pricing pressures in the labor market.
A weaker dollar helped mining companies gain 0.6%.
Sky News stated that French industrial major Schneider Electric was close to acquiring Aveva Group Plc for $4.1 billion.
Ocado Retail fell 11.8% after downgrading its full-year estimate as buyers buy cheaper products and fewer items amid a cost-of-living issue.
Mahnur is MS(development Studies)Student at NUST University, completed BS Hons in Eng Literature. Content Writer, Policy analyst, Climate Change specialist, Teacher, HR Recruiter.
