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Economic slowdown fears pull FTSE 100 lower

UK’s top share index slipped from two-week highs on Wednesday, echoing sharp losses in Asian equities and Wall Street overnight,…

By financial2020myday , in Economy , at June 29, 2022

UK’s top share index slipped from two-week highs on Wednesday, echoing sharp losses in Asian equities and Wall Street overnight, as weak U.S. consumer confidence data revived fears about a recession in the world’s largest economy.

The blue-chip FTSE 100 index dropped 0.6% by 0704 GMT, on track to snap a three-day gaining streak, while the domestically focussed mid-cap FTSE 250 fell 0.8%.

Industrial metal and mining stocks were among the worst hit, down 1.3%, as copper prices slipped after downbeat U.S. consumer confidence data and prospects of rapid rate hikes to control a surge in inflation fanned fears of a global economic slowdown. [MET/L]

Miner Anglo American (LON:AAL) and spirits maker Diageo (LON:DGE) fell 2.8% and 2.4%, respectively, after Deutsche Bank (ETR:DBKGn) cut ratings for both companies.

However, oil majors such as Shell (LON:RDSa) and BP (LON:BP) edged higher even as crude prices remained under pressure. [O/R]

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