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    UKX   GB0001383545

FTSE 100

(UKX)
Delayed Great Britain  -  11:35 2022-06-30 am EDT
7169.28 PTS   -1.96%
After hours
-0.42%
7139.39 PTS
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Commodities knock FTSE 100 lower as recession risks linger

06/23/2022 | 05:35am EDT
FILE PHOTO: FILE PHOTO: A man shelters under an umbrella as he walks past the London Stock Exchange

(Reuters) -UK's FTSE 100 dropped on Thursday after tepid commodity prices pulled down oil and mining majors, with investors reassesing the impact of recession on fuel demand in major economies.

The exporter-heavy index fell 0.6%, but fared better than its European peers as a weakening pound boosted shares of global companies such as Unilever. [GBP/]

Oil majors such as BP and Shell fell about 1% as crude prices continued to retreat as investors weighed the impact of interest rate hikes. [O/R]

London-listed shares of global miners including Anglo American, Rio Tinto and Glencore weakened as copper prices tumbled to a 16-month low. [MET/L]

"The fall in metals ... that's about worries over a slowdown in the global economy," said Susannah Streeter, senior investment and markets analyst, Hargreaves Lansdown.

An S&P Global survey showed Britain's economy is showing signs of stalling as rapid inflation hits new orders and businesses report levels of concern that normally signal a recession.

Another set showed the British government had to borrow a bigger-than-expected amount of 14 billion pounds ($17.14 billion) amid mounting inflation, debt interest costs.

"The borrowing figures show the impact of inflation, the fact that the UK economy has contracted, so there are fewer tax receipts. It's another piece in the jigsaw," added Streeter.

Shares of 888 slipped 3% after the online gambling firm said it expects a drop in its half-year revenue.

Trainline fell 9.7% to the bottom of the FTSE mid-cap after the rail operator's chief financial officer announced plans to step down.

Naked Wines tumbled almost 40% after the online wine seller said it intends to trade the business at or around break-even in 2022 amid growing uncertainty in the market.

(Reporting by Boleslaw Lasocki in Gdansk; Editing by Shailesh Kuber and Sherry Jacob-Phillips)

By Boleslaw Lasocki


© Reuters 2022
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Rankings FTSE 100
BUNZL PLC 2719 Delayed Quote.1.99%
CRODA INTERNATIONAL PLC 6472 Delayed Quote.1.92%
SPIRAX-SARCO ENGINEERING PLC 9896 Delayed Quote.1.83%
ROYAL MAIL PLC 271.6 Delayed Quote.0.93%
CRH PLC 33 Real-time Quote.0.89%
MONDI PLC 1455 Delayed Quote.-4.09%
B&M EUROPEAN VALUE RETAIL S.A. 368.6 Delayed Quote.-4.61%
SCOTTISH MORTGAGE INVESTMENT TRUST PLC 715.4 Delayed Quote.-4.71%
DS SMITH PLC 277.3 Delayed Quote.-5.20%
ANGLO AMERICAN PLC 2937 Delayed Quote.-5.32%
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