FTSE 100 falls ahead of Bailey’s speech

(RTTNews) – British stocks fell on Wednesday after a sharp drop in US consumer confidence fueled concerns about a slowdown.

The focus shifted to inflation as investors awaited remarks from Federal Reserve Chairman Jerome Powell and Bank of England Governor Andrew Bailey at the ECB’s Central Banking Forum in Portugal.

In economic publications, UK store prices rose at the fastest rate since 2008, reflecting the cost of living crisis, according to data published by the British Retail Consortium.

The BRC-NielsenIQ store price index rose 3.1% on an annual basis in June, after rising 2.8% in May. This is the strongest annual growth since September 2008.

The benchmark FTSE 100 index slipped 0.4% to 7,291 after climbing 0.9% on Tuesday.

Miners fell after recent gains on hopes of a pickup in demand from China. Anglo American and Antofagasta fell around 2% each.

Discount shoe retailer Shoe Zone jumped 13.5% after a positive trade update.

Capita lost 3.3 percent. The outsourcing business said first-half revenue was in line with expectations.

Discount retailer B&M European Value Retail rose 2.7% despite lower sales in the first quarter.

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