The FTSE 100 hit a one-week low today as mining stocks and housebuilders dragged the leading index lower, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.
FTSE 100 stumbles as copper prices slump
“The UK’s inflation reading will steal the headlines today but it is the sharp drop in copper prices that is driving the losses for the FTSE 100. Miners are down across the board as copper suffers its worst day so far this year. Investment funds have piled in over the past few months, and have done well, but profit-taking is finally making itself felt.”
Housebuilders drop as rate cut expectations pared back
“UK housebuilders have suffered losses today following the morning inflation reading. A June cut looks off the cards, and even August appears to be a tough call unless the sticky services inflation can be brought under control.”
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