UK stocks slip as US jobs data boosts tighter-policy bets
London’s FTSE 100 fell 0.3% to below 10,800 Friday afternoon after the latest US jobs report strengthened bets on tighter monetary policy. Long-dated gilt yields remain elevated, and mining shares lagged, down up to 1.8%.
London’s FTSE 100 turned negative on Friday afternoon, falling 0.3% to below 10,800 as traders weighed the latest US jobs report and its implications for tighter monetary policy. UK gilt yields stayed elevated, with long-dated yields recently hitting multi-decade highs. Bank of England Chief Economist Huw Pill said on Thursday that higher rates now could reduce the risk of more aggressive tightening later to fight inflation fuelled by the Iran war. Mining shares were among the weaker performers, with Anglo American, Rio Tinto, Glencore and Antofagasta down as much as 1.8%.