U.K. Stocks Halt Winning Streak on Fed Concern as Grocers SlideNamitha Jagadeesh
U.K. stocks fell for the first time in four days, following European shares lower, amid renewed concern the Federal Reserve will raise rates this month.
Losses in miners and grocers dragged the FTSE 100 Index lower today, with Glencore Plc sliding 5.3 percent. Wm Morrison Supermarkets Plc slid 2.8 percent after its earnings that fell more than estimated. Tesco Plc and J Sainsbury Plc lost 1.9 percent or more after Morrison said it will keep cutting prices. Dixons Carphone Plc and Next Plc gained at least 1.3 percent after their results beat projections.
The FTSE 100 dropped 1.2 percent at the close in London, extending declines after data that showed resilience in the U.S. labor market, bolstering the case for a rate increase. The gauge rebounded 3.1 percent in the past three days after tumbling last week amid concern over a China slowdown and the Federal Reserve’s rate decision. The broader FTSE All-Share Index declined 1.1 percent today and Ireland’s ISEQ Index retreated 0.6 percent.
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