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FTSE 100 live: London markets drop as labour market data, US inflation dampen rate cut hopes

February 13, 2024
in News
FTSE 100 live: London markets drop as labour market data, US inflation dampen rate cut hopes
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Tuesday 13 February 2024 3:19 pm

FTSE 100

London’s FTSE 100 fell on Tuesday as markets trimmed their bets on near-term interest rate cuts after government data showed signs of continued tightness in the labour market and US inflation rose more than expected.

The blue-chip index fell 0.90 per cent to 7,505.32, while the FTSE 250, which is more aligned with the health of the UK economy, dropped 1.83 per cent to 18,852.28.

Latest figures from the Office for National Statistics showed annual wage growth including bonuses averaged 5.8 per cent between October and December, down from last month’s upwardly revised figure of 6.7 per cent but slightly above the 5.7 per cent expected by economists.

Excluding bonuses, the figure was 6.2 per cent, compared to the roughly 6.0 per cent predicted by experts.

According to the ONS’s latest estimates, the unemployment rate fell to 3.8 per cent, down from 3.9 per cent in the previous quarter.

The ONS said the figures should be treated with “additional caution” as its Labour Force Survey is still struggling with low response rates.

Susannah Streeter, head of money and markets at Hargreaves Lansdown, said “investors assess there is still considerable way to go before stubborn inflation has been tamed”.

She added: “Inflation busting pay rises are still the norm, and there is concern that if staff costs stay high, businesses will be more reluctant to stem price increases.”

“There were buds of hope of an interest rate cut in May, but they may now be pruned back, depending what Wednesday’s CPI data reveals about broader price pressures.”

Across the pond, US inflation came in ahead of expectations in January due to elevated housing costs, making it more likely that the Federal Reserve will wait until the summer to start cutting interest rates.

The news sent the pound down 0.25 per cent against the dollar.

Travel giant Tui has reported a record fiscal first quarter as it urged shareholders to vote in favour of its plans to exit the London Stock Exchange in favour of Germany later today.

The company said it had booked a historic €4.3bn (£3.67bn) in revenue for the period from 1 October 2023 to 31 December 2023, amid booming travel demand following last year’s post-Covid rebound.

Luxury carmaker Aston Martin is in talks with bankers over how to handle its £1.1bn debt pile, its executive chairman Lawrence Stroll has said.

In an interview with Bloomberg Television, Stroll said: “We are currently studying with our bankers the most appropriate actions of how to deal with it.”

Shares in Arm soared more than 40 per cent in New York on Monday in a rally following bumper third-quarter earnings from the Cambridge-based chipmaker last week, which decided not to IPO in London last year.

The stock has risen nearly 100 per cent since it reported results, which would make it the third-biggest stock on the FTSE 100 if it were listed in London.

Close Brothers was the worst performing stock on the FTSE 250. Analysts have highlighted the merchant banking group’s exposure to an FCA probe into motor finance commission arrangements which could cost the industry up to £16bn in compensation payouts.

Software company Gresham Technologies has secured a contract worth $1.5m (£1.2m) for its Clareti Control platform, designed to help financial institutions control their data.

Consumer goods group Ultimate Products has said Brits are buying fewer airfryers than before, leading revenues to drop four per cent in the second half of the year.

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Copyright for syndicated content belongs to the linked Source : CityAM – https://www.cityam.com/ftse-100-live-london-markets-tick-down-as-investors-digest-labour-market-data/

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