Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Markets

News : Markets
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 

FTSE 100 falls after Fed minutes, pound rally

share with twitter share with LinkedIn share with facebook
share via e-mail
0
08/22/2019 | 12:46pm EDT
Traders looks at financial information on computer screens on the IG Index trading floor

(Reuters) - London's FTSE 100 fell on Thursday as the latest signals from the U.S. Federal Reserve dampened hopes of hefty interest rate cuts, while exporter stocks slipped as the pound rose after German Chancellor Angela Merkel's comments on the Brexit deal.

The FTSE 100 shed 1.1%, while the FTSE 250 <.FTMC> was roughly flat.

Companies that book a major chunk of their earnings in dollars, including Diageo and Unilever dropped after Merkel said a solution to the Irish border problem could be found before Britain leaves the European Union on Oct. 31. Her comments lifted sterling to a three-week high against the dollar..

BAT gave up 1.5%, hit by the gains in sterling as well as a probe by a U.S. House panel into e-cigarette manufacturers over the health impact of their products. Imperial Brands lost 2.7%, as the stock also traded ex-dividend.

UAE-based healthcare provider NMC Health was the standout performer, surging more than 18.5% for its best day ever, after sources told Reuters that two groups, including one backed by China's Fosun, were competing to buy a 40% stake in the company worth up to $1.9 billion.

The company also posted half-year results and announced plans to buy back up to $200 mln worth of shares.

Losses on the main index were spread across sectors after Fed minutes overnight showed policymakers were deeply divided on an interest rate cut, at a time when many investors are looking to central banks to help cushion blows from a bruising U.S.-China trade dispute.

"It would appear that dealers were too bullish going into the update, and now that the Fed's opinion about the state of the U.S. economy is known, traders are trimming their equity positions," CMC Markets analyst David Madden said.

Online grocer Ocado dropped 3.1% after it said there had been a small fire on Wednesday evening at its customer fulfilment centre in Erith, which was later extinguished.

The more domestically-focussed mid-cap index was supported by the pound and an 11.6% surge in casino and gaming operator Rank Group and a 9.3% jump in Premier Oil after their respective results.

However, infrastructure group John Laing Group lost 5.7% after its half-year results, while Ukraine-focused iron ore pellet producer Ferrexpo fell 6.1% after brokerage Liberum cut its rating and almost halved its price target on the stock.

(Reporting by Shashwat Awasthi in Bengaluru; editing by Arun Koyyur and Kirsten Donovan)

By Shashwat Awasthi and Indranil Sarkar

Stocks mentioned in the article
ChangeLast1st jan.
BRITISH AMERICAN TOBACCO PLC 0.37% 2961 Delayed Quote.18.00%
DIAGEO -0.27% 3269.5 Delayed Quote.17.30%
FERREXPO PLC -1.38% 192.9 Delayed Quote.0.49%
FOSUN INTERNATIONAL LIMITED 0.96% 10.54 End-of-day quote.-7.87%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.0.00%
IMPERIAL BRANDS 0.54% 2156 Delayed Quote.-9.78%
JOHN LAING GROUP PLC -0.45% 357.2 Delayed Quote.8.07%
NMC HEALTH PLC 0.55% 2921 Delayed Quote.6.18%
OCADO GROUP PLC -0.48% 1344 Delayed Quote.70.95%
PREMIER OIL PLC -2.57% 87.9 Delayed Quote.35.57%
RANK GROUP PLC -2.08% 178.6 Delayed Quote.32.37%
UNILEVER PLC -0.17% 4929 Delayed Quote.20.18%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Markets"
04:27pMARKET SNAPSHOT: U.S. Stocks Close Mixed After Fed Cuts Rates But Casts Doubt On Future Stimulus
DJ
04:04pTSX falls  0.20 percent to 16,800.29
RE
03:45pWALL STREET STOCK EXCHANGE : U.S. Stocks Fall as Investors Digest Fed Rate Cut
DJ
03:35pStocks fall, Treasury yield curve flattens after Fed cuts rates but sends mixed signals
RE
03:33pGlobal stocks fall, Treasury yield curve flattens after Fed cuts rates but sends mixed signals
RE
02:47pWALL STREET STOCK EXCHANGE : U.S. Stocks Fall as Investors Digest Fed Rate Cut
DJ
02:28pWALL STREET STOCK EXCHANGE : U.S. Stocks Fall as Investors Digest Fed Rate Cut
DJ
02:21pWALL STREET STOCK EXCHANGE : U.S. Stocks Fall As Investors Digest Fed Rate Cut
DJ
12:53pLONDON STOCK EXCHANGE : FTSE 100 lingers in red as Fed decision looms and Kingfisher wanes
RE
12:47pEUROPE : European shares tread water with Fed decision looming
RE
Latest news "Markets"