(Reuters) -British stocks ended mixed on Tuesday, as profit warnings from BP and JD Sports weighed on the blue-chip FTSE 100, while midcap stocks steadied after a recent slump as investors awaited key
UK Stocks Show Mixed Results as Inflation Data Looms
(Reuters) -British stocks ended mixed on Tuesday, as profit warnings from BP and JD Sports weighed on the blue-chip FTSE 100, while midcap stocks steadied after a recent slump as investors awaited key inflation figures.
The blue-chip FTSE 100 slipped 0.3% to close at a two-week low.
BP dipped 2.8% after the oil giant warned that its fourth-quarter results would be hit by weaker oil and gas production, refining margins and trading.
JD Sports Fashion tumbled 6.8% as the sportswear retailer downgraded its profit forecast after weaker trading in Britain and the United States and promotional activity at competitors hurt sales.
UK equities have come under pressure in recent days as investors fret over the likelihood of fewer interest rate cuts by the Federal Reserve and inflationary policies under incoming U.S. President Donald Trump.
British government bond yields slipped on Tuesday after touching multi-year highs this month.
Investors are focussed on U.S. and UK inflation data on Wednesday for clues on the rate trajectory. Traders are pricing in about 40 basis points (bps) of easing from the Bank of England this year, and see only 28 bps of cuts by the Fed.
The domestically-focussed FTSE 250 midcap index rose 0.2% after touching an eight-month low in the prior session.
Ocado Group jumped 9.5% after online supermarket Ocado Retail, a joint venture between Ocado and Marks & Spencer, reported faster sales growth in its fourth quarter.
Persimmon rose 5.5% after the housebuilder forecast its 2024 earnings at around the upper end of market expectations, buoyed by improved sales and pricing strength.
(Reporting by Shashwat Chauhan and Sruthi Shankar in Bengaluru. Editing by Mrigank Dhaniwala and Mark Potter)
