UK stocks subdued as focus turns to Fed meeting outcome

  • 3/17/2021
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(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window) * FTSE 100 down 0.1%, FTSE 250 off 0.3% March 17 (Reuters) - British shares slipped on Wednesday, dragged by miners and energy stocks, as investors awaited the outcome of the U.S. Federal Reserve’s policy meeting for clues about interest rates. The blue-chip FTSE 100 index was down 0.1%, with mining stocks, including Rio Tinto, Anglo American , and BHP Group, falling between 0.5% and 1%. Oil heavyweights BP and Royal Dutch Shell were also among the laggards. A spate of volatility in money markets has stoked speculation the Fed may be forced into a technical adjustment to the levers controlling its benchmark interest rate to ensure that it does not fall too low, but few expect the central bank to act on the matter at this week’s meeting. The domestically focused mid-cap FTSE 250 index fell 0.3%, dragged by consumer discretionary and financials stocks. Retail investment platform Hargreaves Lansdown rose 3.2%, as it expects its profit for the year ending June 30 to be “modestly” above analyst estimates. Outsourcer Capita rose 6.3% after its plan to merge multiple businesses into two core operating divisions and to raise 700 million pounds ($973.98 million) from sales of other assets. ($1 = 0.7187 pounds) (Reporting by Shivani Kumaresan in Bengaluru; editing by Uttaresh.V)

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