FTSE 100 Hits Three-Month Low Amid Profit Warnings and Global Uncertainties

Britain's FTSE 100 fell to a three-month low, led by a sharp drop in Vistry shares following a profit warning. China-exposed stocks declined amid tepid stimulus updates, and global market fluctuations further impacted performance. Despite challenges, IAG showed resilience with a strong profit report.


Devdiscourse News Desk | Updated: 08-11-2024 22:40 IST | Created: 08-11-2024 22:40 IST
FTSE 100 Hits Three-Month Low Amid Profit Warnings and Global Uncertainties
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Britain's FTSE 100 index experienced a significant decline on Friday, reaching its lowest level in three months. The drop was largely driven by a sharp decrease in shares of homebuilder Vistry, which issued a profit warning due to persistent cost pressures.

Stocks connected to China, including luxury fashion brand Burberry and major mining companies like Antofagasta, Rio Tinto, and Glencore, also faced declines. The market reaction followed China's announcement of a debt relief package that fell short of investor expectations for more substantial economic support.

Adding to the week's volatility, Wall Street saw a rally after Donald Trump's presidential return and dual interest rate cuts by the Federal Reserve and the Bank of England. Meanwhile, British Airways owner IAG reported strong performance, with its shares jumping 7.2% due to robust transatlantic route growth.

(With inputs from agencies.)

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