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FTSE Stumbles To Six Week Low On US Rate Rise Concerns

FTSE Stumbles To Six Week Low On US Rate Rise Concerns

The benchmark on Monday fell 1.1% as investors worldwide weighed the prospect of US interest rates being raised at next week's Federal Reserve meeting.

London's premier index fell sharply to levels not seen since August 3, down 1.12%.

The pound initially dipped to 1.329 against the United States dollar before bouncing to 1.333 and falling back down again.

"With little on the economic agenda, a severe bout of panic has struck the global markets, causing the kind of declines not seen since the Brexit", Connor Campbell, a financial analyst at SpreadEx, said.

At one point all 100 companies listed were trading in negative territory.

The FTSE 100 Index lifted 18.1 points to 6719, after falling by more than 100 points on Monday when traders were spooked by the prospects of a USA rate rise later this year.

Stocks dropped globally on Sunday after Mrs Clinton was seen stumbling as she left a 9/11 memorial ceremony in NY.

Dovish comments from a US Federal Reserve official ahead of the central bank's policy meeting this month helped soothe investor angst over a potential interest rate rise in September.

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United Kingdom stocks were dragged down by Associated British Foods (ABF), which said that like-for-like sales at Primark are expected to fall by 2% over the year as warm pre-Christmas weather and a "very cold" March and April dampened its performance.

In oil markets, Brent crude prices took a hit after the International Energy Agency (IEA) reported that demand for oil was slowing at a faster pace than expected.

ABF added that post-Brexit currency movements would have both positive and negative effects on the group.

A "dovish" speech by Lael Brainard after European markets closed yesterday ensured the FTSE 100 did not continue the falls of the previous two sessions.

SABMiller shares were the strongest performing stock, but were still lower by 0.06% or 2.5p at 4381p.

Primark owner Associated British Foods (ABF) was the biggest faller on the top tier index, down more than 6.5% or 205p at 1951p.

Pharmaceutical companies AstraZeneca, Shire and Reckitt Benckiser were some of the only stocks making gains on the FTSE 100.

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