FTSE 100 Recovers Despite Weak UK Jobs Data, Oil Concerns
(RTTNews) - The U.K. stock market recovered from an early setback on Tuesday thanks to some strong buying at several counters in consumer and realty sectors. Weak employment data and concerns about elevated oil prices amid persisting tensions in the Middle East hurt the market earlier.
Investors looked ahead to the monetary policy announcements from the Federal Reserve, the Bank of England and the Bank of Japan later in the week.
The benchmark FTSE 100 was down 23.98 points or 0.22% at 10,673.59 about half an hour past noon. The index had dropped to a low of 10,584.95 earlier in the day.
Relx dropped 3.2%. Experian, Informa, Diageo, Glencore, Aberdeen Group, Entain, LSEG, British American Tobacco, IG Group Holdings, ICG, Unilever, The Sage Group and Standard Chartered lost 1%-2.2%.
Marks & Spencer moved up nearly 3%. Persimmon, Kingfisher, Babcock International, Natwest Group, Legal & General, BAE Systems, British Land, Admiral Group, Spirax Group, Next, Land Securities, SSE, Howden Joinery Group, JD Sports Fashion, Standard Life and Airtel Africa gained 1.4%-2.8%.
Data from the Office for National Statistics showed the UK unemployment rate remained unchanged and wage growth eased in the three months to July period, reflecting the softening labor market conditions.
The unemployment rate came in at 4.9% in the three months to July, the same rate as in the quarter ended June. The rate was forecast to rise to 5%.
The data showed that employers cut 26,000 jobs in August, following a revised 19,000 decline in July and significantly exceeding economists' expectations for a 5,000 reduction.
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