London’s FTSE 100 was dragged lower today as investors fretted over the state of a batch of big tech results on Wall Street rolling in over the coming days.
The capital’s premier index shed 0.27 per cent to drop to 7,891.13 points, while the domestically-focus mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, fell 0.1 per cent to 19,215.39 points.
Traders in London were seemingly wobbling ahead of a string of tech giants updating markets on how badly they have been hit by the Federal Reserve hiking interest rates aggressively.
This evening UK time, Google owner Alphabet and Microsoft post first quarter results.
‘’Caution is in the air ahead of the results from big tech rolling in, and the latest snapshot of US consumer confidence,” Susannah Streeter, head of money and markets at Hargreaves Lansdown, said.
Streeter added that softness in Asian overnight trading extended into the City.
Traders are worried that global commodity demand could wilt under the weight of central banks’ interest rate rises.
Miner Rio Tinto lost 1.31 per cent, while Glencore shed just under one per cent. Antofagasta was down a similar amount.
Primark owner Associated British Foods was the biggest faller on the FTSE 100, losing 5.4 per cent, after it said today inflation was eroding profits in fresh results.
Premier Inn owner Whitbread soared to the top of the index, gaining just over 3.5 per cent, lifted by it announcing today profits are back above pre-pandemic levels.
Oil prices nudged around 0.3 per cent higher, while the pound weakened about 0.16 per cent against the US dollar.