Wednesday, June 7, 2023
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UK stocks slide ahead of new PM appointment

(Reuters) – Britain’s main stock indexes fell on Monday as investors edged ahead of the announcement of the country’s new prime minister as Britain faces a cost of living crisis, industrial unrest and a recession.

Benchmark FTSE 100 down 0.7%, domestic oriented )FTSE 250 7: GMT.

down 0.8%

Both major U.K. stock indexes fell more than 1% last week on concerns over soaring prices, a looming economic slowdown and the direction of policy under a new prime minister.

Liz Truss is expected to be named leader of the ruling Conservative Party and the UK’s next Prime Minister at GMT 1130.

Concerned by some investors that the tax cuts promised by Truss could exacerbate inflation problems in the UK, the Bank of England has accelerated rate hikes, which are expected to start this year and start at 2024 The end of the recession worsened.

r Diet-sensitive banking fell 1%.

Sterling fell for a seventh straight session, still near the trough of the pandemic.

Oil majors Shell (LON: RDSa) and BP (NYSE: )BP) narrowly tracked modest gains in the company’s crude oil as investors focused on possible output cuts by OPEC+ producers and supported prices at a meeting later in the day. [or]



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