(Reuters) – Britain’s benchmark index fell on Wednesday after inflation rose more than expected in the country, while Glencore’s shares slid after the company posted lower 2024 earnings.
The blue-chip FTSE 100 was down 0.3% at 1034 GMT, while the midcap FTSE 250 fell 0.4% to a nearly two-week low.
Britain’s inflation accelerated to a 10-month high of 3.0% in January, surpassing expectations and testing the Bank of England’s confidence that price pressures will ease over the longer term.
The BoE earlier this month cut its benchmark interest rate to 4.5% from 4.75% and said inflation was likely to hit 3.7% later this year, almost double its 2% target.
The UK house builders’ index dropped 1.6%, with homebuilders such as Persimmon, Taylor Wimpey and Barratt Redrow falling between 1.6% and 2.4%.
Elevated interest rates lead to higher mortgage payments, resulting in…
