London stocks edge lower ahead of PMI data
2024.09.23 04:07
(Reuters) – UK shares slipped on Monday after logging their worst day since August in the previous session, while investors awaited flash PMI data for more clues on the country’s economic growth.
At 0720 GMT, the blue-chip and the more domestically-focused midcap index were down 0.1%, each.
Both indexes notched their worst day in nearly seven weeks on Friday, after the Bank of England held interest rates steady on Thursday, even as the Federal Reserve cut benchmark rates by an outsized 50 basis points.
Investors will eye UK flash PMI data later in the day for the services and manufacturing sectors for more indicators for growth and price increases in these sectors.
Last week, Britain’s consumer price inflation data – which is closely watched by the BoE for its monetary policy – pointed to persistent price pressures in the services sector.
Precious metal miners rose 0.8% as gold prices scaled record highs, driven by Fed rate cuts and demand for the safe-haven asset on geopolitical risks in the Middle East.
The personal goods sector led declines, dragged by a 2.2% loss in shares of luxury goods maker Burberry, which was on track for a second straight session in the red.
Rightmove (OTC:) jumped 3% after Australia’s REA Group made a third pitch to buy the UK property-listing firm with a new 6.1 billion pound ($8.12 billion) offer.
AstraZeneca (NASDAQ:) slipped 0.6% after the drugmaker said its experimental precision drug did not significantly improve overall survival for patients with a type of breast cancer in a late-stage trial.
