The London FTSE100 index plunged this morning after data showed that inflation rates surged to 5.1 per cent in November – its highest level in a decade. Despite the surge, investors are no longer expecting the Bank of England to raise rates.
The index saw retailers such as Next and Ocado fall 2.74 and 1.79 per cent respectively, while oil giants BP and Royal Dutch Shell declined around 1 per cent, following a fall in crude prices as a result of forecasts that sees supply outpacing demand next year.
Mining companies Rio Tinto and Antofagasta fell 2.19 and 1.74 per cent, while British Airways’s owner IAG fell 1.28 per cent, following its decision to cancel the acquisition of Air Europa.
FTSE250 has also slight gone down, registering at the moment of writing a 0.02 per cent decrease, as Cineworld and Currys went down 27.50 and 10.57 per cent respectively.