Earnings, China worries drag FTSE 100 to three-month low

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Posted By Wanda Rich

Posted on November 12, 2024

Earnings, China worries drag FTSE 100 to three-month low

By Pranav Kashyap

(Reuters) – London’s benchmark index hit its lowest point in over three months on Tuesday, fuelled by concerns over Donald Trump potentially appointing a China hawk as the leading U.S. diplomat, along with some disappointing corporate updates.

The blue-chip FTSE 100 fell 1% by 1311 GMT, trading at its lowest level since Aug. 7.

Industrial metal miners fell 2.4% as copper prices hit a two-month low, on worries about the impact of incoming U.S. President Trump on the economy of top metals consumer China. [MET/L]

China-related assets faced challenges worldwide as Trump is anticipated to appoint U.S. Senator Marco Rubio, considered the most hawkish contender on Trump’s shortlist, as his Secretary of State. [MKTS/GLOB]

Personal Goods led sectoral declines, falling 5.9%, as Burberry extended declines by 6% from the previous session, after Reuters reported Moncler is not in talks to take over the luxury brand.

Vodafone fell to the bottom of the FTSE 100, after the mobile operator reported a sharp downturn in top market Germany in its second quarter.

The medical equipment and services sector gained 8%, boosted by a 20% surge in Convatec Group, after the medical products and technologies firm raised its full-year organic sales growth.

The mid-cap FTSE 250 lost 0.8% to 20,559.79 points. However, a 6.6% gain in Drax kept losses in check as the power generator forecast annual core earnings around the top end of estimates.

On the domestic front, British wage growth excluding bonuses fell in the third quarter to its lowest in over two years, data released earlier in the day showed.

Also denting sentiment, Bank of England Chief Economist Huw Pill said that the labour market data showed inflation pressures remained too high for the BoE’s 2% target.

(Reporting by Pranav Kashyap in Bengaluru; Editing by Vijay Kishore)

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