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UK stocks fall as hawkish Fed triggers global sell-off

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Economy5 minutes ago (Jan 06, 2022 08:30)

© Reuters. FILE PHOTO: British pound coins are seen in front of displayed stock graph in this illustration taken, November 9, 2021. REUTERS/Dado Ruvic

(Reuters) – UK shares dropped on Thursday, tracking a fall in global equity markets after U.S. Federal Reserve meeting minutes pointed to faster-than-expected interest rate hikes to tame high inflation.

The blue-chip FTSE 100 fell 1% by 0805 GMT. Oil majors BP (LON:BP) and Royal Dutch Shell (LON:RDSa) eased 1% each, while miners fell 0.6%, tracking commodity prices. [O/R] [MET/L]

U.S. central bank policymakers said in their meeting last month that a “very tight” job market and unabated inflation might require the Fed to raise interest rates sooner than expected, according to minutes released on Wednesday.

Banking stocks fell 0.6% even as the UK 10-year yields rose, fuelled by rate hike expectations.

The domestically focussed mid-cap index declined 1.2% as travel and leisure stocks dropped nearly 1.5%.

Investors now await latest UK services PMI numbers to see the impact of Omicron coronavirus variant on the hospitality sector.

UK stocks fall as hawkish Fed triggers global sell-off

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