FTSE 100 watch: Footsie heads south as Fed halts mid-term elections rally

FTSE 100 watch: Footsie heads south as Fed halts mid-term elections rally
Written by:
Alice Young
March 11, 2020

The UK benchmark index has fallen deep into the red in today’s session, following comments from the US Federal Reserve which signalled rate hikes going forward. Informa (LON:INF) has soared to the top of the FTSE 100 leaderboard after updating investors on its recent trading.

FTSE 100 slips lower

As of 12:22 GMT, the Footsie had given up 65.55 points to stand 0.92 percent lower at 7,075.13. Sentiment has been subdued today after the Fed signalled last night that it was set for another rate hike in December.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

“The Fed’s upbeat assessment of the labour market and broader economy, two-percent inflation and stable inflation expectations essentially lock in a December Fed funds rate hike,” Berenberg Capital Markets commented, as quoted by Proactive Investors. The Footsie, however, remains on track for a small gain this week, having benefitted from the rally in the wake of the elections in the US.

Miners have been sold off today, with Anglo American (LON:AAL) leading the sector lower, having given up 4.16 percent to 1,678.40p.

Individual movers  

In individual movers, shares in Informa have been in demand after the blue-chip events group updated investors on its recent trading, reporting a rise in revenue for the first 10 months of the year and reiterating its full-year targets. Informa’s shares are currently changing hands 2.05 percent higher at 706.40p.

AstraZeneca (LON:AZN) has extended the previous session’s gains when the shares were in demand after the pharmco posted a rise in third-quarter sales, despite recording a drop in revenue. AstraZeneca’s shares are 1.10 percent better off at 6,160.23p.

The FTSE 100 index was 0.85 percent down at 7,079.95 points as of 15:01 GMT on Friday, 09 November 2018.