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Miners weigh London's FTSE 100 down; travel stocks jump

09/17/2021 | 11:44am EDT
FILE PHOTO: The London Stock Exchange offices in the City of London, Britain

(Reuters) -London's FTSE 100 ended lower on Friday, weighed by a slump in mining stocks, while British retail sales fell unexpectedly in August, adding to concerns about economic recovery.

After rising as much as 0.9%, the blue-chip FTSE 100 index ended 1.2% lower, and marked its third consecutive week in red. The domestically focused mid-cap FTSE 250 index eased 0.2%.

Leading declines were base metal miners including Anglo American, Rio Tinto, BHP Group and Glencore down between 2.6% and 8.2%, tracking weakness in iron ore. [METL/]

"I think the market is starting to get to grips with what potential contagion there is involved with how something like Evergrande going down would ripple around the world in terms of demand for things like iron ore," said Keith Temperton, sales trader at Forte Securities.

British retail sales dropped 0.9% on the month in August versus a Reuters poll for a rise of 0.5%, after data earlier this week pointed towards a sharp recovery in the jobs market and a spike in inflation.

Investor focus will now be on the outcome of Bank of England's (BoE) policy meeting next week.

"Next week's policy decision should reaffirm that some tightening will be needed over the next few years to keep inflation (and the economy) in check. But we don't expect the BoE to conclude that there is a sufficient case yet for near-term rate hikes," Deutsche Bank economist Sanjay Raja said.

The FTSE 100 and the FTSE 250 indexes have declined about 1.2% and 0.6% this week, as a better-than-expected labour market recovery and rising price pressures have fuelled concerns of an early tapering of stimulus measures by the Bank of England.

Airlines Wizz Air, Easyjet and British Airways owner IAG, and holiday company TUI AG rose between 2.2% and 5.7%, as Britain was set to consider easing its COVID-19 rules for international travel.

Wickes Group jumped 3.3% to the top of FTSE 250 index after Deutsche upgraded the DIY retailer to "buy" from "hold".

(Reporting by Devik Jain and Amal S in Bengaluru; Editing by Uttaresh.V, Shounak Dasgupta and David Gregorio)

By Devik Jain and Amal S


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / BRITISH POUND (AUD/GBP) 0.23% 0.5423 Delayed Quote.-3.77%
BHP GROUP -2.16% 37.65 End-of-day quote.-11.27%
CANADIAN DOLLAR / BRITISH POUND (CAD/GBP) 0.38% 0.588305 Delayed Quote.1.86%
EURO / BRITISH POUND (EUR/GBP) -0.09% 0.8462 Delayed Quote.-5.64%
FTSE 100 0.20% 7204.55 Delayed Quote.11.52%
INDIAN RUPEE / BRITISH POUND (INR/GBP) 0.12% 0.009699 Delayed Quote.-3.32%
RIPPLE (XRP/BTC) 0.00% 1.8E-5 Real-time Quote.125.00%
RIPPLE (XRP/EUR) -0.04% 0.93843 Real-time Quote.422.45%
RIPPLE (XRP/USD) -0.08% 1.09124 Real-time Quote.397.55%
TUI AG 1.05% 2.78 Delayed Quote.8.54%
US DOLLAR / BRITISH POUND (USD/GBP) -0.05% 0.72685 Delayed Quote.-0.85%
WICKES GROUP PLC -1.15% 223.6 Delayed Quote.0.00%
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