FTSE 100 Grappling With Restrictive Monetary Policy
(RTTNews) - Euphoria over dovish comments by Fed officials and easing inflation in Europe failed to lift sentiment for the FTSE 100 benchmark of the London Stock Exchange. The index is still trading in the overnight negative zone. Bank of England Governor Andrew Bailey on Wednesday stated that the central bank would do what it takes to get inflation down to its 2% target, reiterating the focus on a restrictive monetary policy framework.
FTSE 100 oscillated between 7,455.44 and 7,408.79 as compared with the previous day's closing level of 7,455.24.
The benchmark index of the London Stock Exchange is currently trading at 7,446.77, having slipped 0.11 percent on an overnight basis.
In the 100-scrip index, 46 are trading in the overnight negative zone.
Ocado Group and Fresnillo have surged more than 4 percent. Rightmove and M&G have rallied more than 2 percent. Endeavour Mining, Rolls Royce Holdings, Diploma, AstraZeneca and Melrose Industries have all gained more than 1 percent.
Centrica, Standard Chartered and HSBC Holdings have slipped more than 2 percent. Aviva. Beazley, Entain and Rentokil Initial have also slipped close to 2 percent.
Amidst the Dollar Index rising 0.16 percent to 102.91, the GBP/USD pair decreased 0.09 percent overnight to 1.2681. The pair ranged between 1.2734 and 1.2674 in the day's trade.
Yields on U.K.'s ten-year bonds also eased, albeit on a lower scale amidst concerns about Bank of England's interest rate trajectory. Yields on U.K.'s ten-year bonds decreased 0.25 percent to 4.1635. It was 4.174 percent at the previous close.
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