The London miners had another weak day, but this time did not pull the FTSE 100 under the presentation of their global counterparts during a difficult day in international markets.
The FTSE 100 closed sharply and was probably saved from an even more devastating drop by a rapidly falling pound. He finished at 7,521, down 1.4%.
Several miners reported weaker-than-expected results this week, and profits were hit by increased costs. But London was at the mercy of global headwinds as its banks, including HSBC and Barclays, were caught in a sell-off sparked by comments from the US Federal Reserve.
CMC Markets analyst Michael Husson said: “It was a disappointing weekend for European markets after Fed Chairman Jay Powell signaled that the Federal Reserve could work much harder and much faster when the central bank pulled the trigger. of the first of which may be several interest rate increases of 50 basis points starting next month.
“Finances seem to be hit hardest after the narrowing of profitability differentials has raised concerns about the prospect of a policy mistake by central banks and a possible recession by the end of the year.
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