Market Moves: UK Stock Indexes React to Oil and Employment Data
The UK's FTSE 100 index saw a slight dip as oil stocks and metal miners faced pressure, while expectations of a Bank of England rate cut rose after wage growth slowed. Meanwhile, Bellway showed impressive gains in anticipation of rising home construction in 2025.
The UK's benchmark stock index, the FTSE 100, experienced a minor decline on Tuesday, negatively impacted by the performance of oil stocks and industrial metal miners. Investors also focused on recent wage and employment statistics released earlier in the day.
Oil stocks fell by 2.7%, influenced by decreased oil prices and reports regarding Israel's stance on Iranian oil targets. Industrial metal miners saw a 1.9% decline, linked to a stronger U.S. dollar and ongoing uncertainty regarding China's economic recovery.
The latest labor report indicated a slight decrease in Britain's unemployment rate to 4%. However, wage growth slowed to a two-year low, suggesting potential actions by the Bank of England to lower interest rates. There is an 83% market-implied probability of a rate cut in November.
(With inputs from agencies.)
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