Latest News

FTSE 100 Live: Stocks to slide after hot inflation print

0

FTSE 100 Live: Stocks to slide after hot inflation print By Proactive Investors

Breaking News

‘;

Stock Markets

Published Jan 17, 2024 07:27
Updated Jan 17, 2024 07:40

© Reuters. FTSE 100 Live: Stocks to slide after hot inflation print

Proactive Investors – BP (LON:BP) names Murray Auchincloss permanent CEO.

Back to company news for a moment and BP PLC has confirmed the news that broke on Tuesday evening that interim chief executive Murray Auchincloss has been given the job on a permanent basis with immediate effect.

Auchincloss has been interim CEO since September 2023 after the shock departure of Bernard Looney.  

BP said the appointment followed a robust and competitive search process and included a range of candidates, including external to bp. 

For his part, Auchincloss said: “It’s an honour to lead bp – this is a great company with great people.”

He said its strategy “from international oil company to integrated energy company, or IOC to IEC – does not change. I’m convinced about the significant value we can create.”

FTSE 100 seen sharply lower after hot inflation print

The FTSE 100 is expected to open sharply lower after stronger-than-expected UK inflation figures and disappointing data from China.

Spread betting companies are calling London’s blue-chip index down by around 98 points after closing down 36.57 points, 0.5%, at 7,558.34 on Tuesday.

In London, the Consumer Prices Index rose by 4.0% in the 12 months to December, up from 3.9% in November, and the first time the rate has increased since February, according to figures from the Office for National Statistics.

On a monthly basis, CPI rose by 0.4% in December,, the same rate as in December 2022.

City analysts had expected the annual rate to fall to 3.8%.

Core CPI (excluding energy, food, alcohol and tobacco) rose by 5.1% in the 12 months to December, the same rate as in November while the CPI services annual rate increased from 6.3% to 6.4%.

The core reading was expected to drop to 4.9% with the services reading predicted at 6.1%.

The ONS said the largest upward contribution to the figures came from alcohol and tobacco while the largest downward contribution came from food and non-alcoholic beverages.

Elsewhere, Chinese equities on the mainland and in Hong Kong opened down following the release of official housing data for December, highlighting weak sentiment due to an ongoing property downturn.

This followed falls in the US on Tuesday after a leading Federal Reserve official said interest rates cuts, when they come, need to be done carefully, and there was no need to rush.

Read more on Proactive Investors UK

Disclaimer

FTSE 100 Live: Stocks to slide after hot inflation print

Related Articles

Our Apps



Terms And Conditions
Privacy Policy
Risk Warning
Do not sell my personal information

© 2007-2024 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

U.K. inflation unexpectedly rose in December to 4%

Previous article

Pound Sterling Rallies against Euro, Dollar on Unexpected Rise in Inflation

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News