June 27 2024: London stocks closed lower on Wednesday for the second consecutive session, reflecting declines in European markets, with energy shares exerting the most pressure. Investors remained cautious ahead of the Federal Reserve’s key inflation gauge release on Friday.
The blue-chip FTSE 100 fell by 0.3%, and the mid-cap FTSE 250 also decreased by 0.3%.
The pound dropped 0.5% against the dollar as investors moved funds into the greenback amid growing caution before Friday’s release of the personal consumption expenditures price index.
In the UK, investors are also awaiting the UK gross domestic product (GDP) data on Friday for further insights into the direction of interest rates in Britain.
Additionally, Britain’s parliamentary elections scheduled for July 4 are contributing to the caution, with investors anticipating political uncertainty to impact the markets.
The oil and gas sector declined by 0.6%, following lower oil prices after the U.S. EIA’s report.
Precious and industrial metal miners were among the biggest gainers in the FTSE 350 sub-sectors.
Future Plc surged 8.3% after Jefferies upgraded the stock to “buy” from “underperform” and raised its price target.
Aston Martin fell 2.6% after announcing the debut of a new limited edition sports car, the Valiant.
