UK’s FTSE 100 falls as weak oil drags on commodity-linked shares

By | September 27, 2022
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FTSE 100.

Sept 7 (Reuters) – UK’s FTSE 100 index fell on Wednesday as weak oil and metallic costs pressured commodity-linked shares, whereas worries over a attainable recession and aggressive financial tightening in main economies additionally weighed on sentiment.

The commodity-heavy FTSE 100 (.FTSE) fell 0.9% and the mid-cap FTSE 250 (.FTMC) dropped 0.1%.

New British Prime Minister Liz Truss mentioned she would set out plans to deal with hovering power payments however wouldn’t impose a brand new windfall tax on power producers. learn extra

Shares of oil majors BP (BP.L) and Shell (SHEL.L) slipped 2% and 1.4% as oil costs fell over 4% to their lowest since Russia invaded Ukraine on demand fears stoked by looming recession dangers and downbeat Chinese language commerce information.

“Sterling taking place is sweet for the FTSE 100 normally however when oil is down by an enormous quantity, that greater than offsets it,” Patrick Armstrong, chief funding officer at Plurimi Wealth mentioned.

“It’s exhausting to see any excellent news popping out of the UK within the coming days. So most likely world occasions are going to affect (the sentiment).”

Britain’s battered pound fell to its lowest towards the greenback since 1985, as traders dumped British belongings within the face of a bleak financial outlook and the hovering greenback. learn extra

Mining shares (.FTNMX551020) fell 2.2% on the again of weak metallic costs because the dollar strengthened.

Rio Tinto (RIO.L) slipped 2% as a U.S. choose mentioned the Anglo-Australian mining big should face an investor lawsuit accusing it of concealing delays and large value overruns at a Mongolian copper and gold mine owned by Turquoise Hill Assets Ltd (TRQ.TO), by which Rio Tinto has a majority stake. learn extra

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Shares of AstraZeneca (AZN.L) slid 1.1% as Morgan Stanley reduce the drugmaker’s ranking to “equal-weight” from “chubby”.

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