UK shares have fallen as poor company results combined with a sell-off of US government bonds as markets prepare for interest rates to remain higher for longer.
The commodity-focused FTSE 100 was down 1.1pc, while the mid-cap FTSE 250 slipping as much as 0.7pc.
US Treasury yields jumped to 16-year highs ahead of Federal Reserve chairman Jerome Powell’s speech in New York, scheduled for 5pm UK time, which could offer more clues on the interest rate trajectory.
It comes after strong retail sales data in the US this week added to speculation that the Fed will keep interest rates elevated for a longer period to bring down price rises.
It came as the FTSE 100 was hit by poor results from Rentokil Initial.
The pesticide business tumbled as much as 16pc to the bottom of the UK’s blue chip index after it warned about softer annual demand in North America.
The FTSE 100 was hit by a fall of as much as 14.2pc in Rightmove shares after a near £100m takeover was agreed for rival OnTheMarket.
Read the latest updates below.
https://news.google.com/rss/articles/CBMiZ2h0dHBzOi8vd3d3LnRlbGVncmFwaC5jby51ay9idXNpbmVzcy8yMDIzLzEwLzE5L2Z0c2UtMTAwLW1hcmtldHMtbmV3cy1saXZlLW9pbC1wcmljZXMtaW5mbGF0aW9uLWxhdGVzdC_SAQA?oc=5
2023-10-19 08:50:14Z
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