FTSE drops on rate rise

clock

The Bank of England today announced another hike in interest rates on concerns UK's strengthened economy could trigger inflation.

While the base rate increased by a quarter point to 4%, the benchmark FTSE 100 ended the day down 14.1 points at 4,384 led by Shell Transport & Trading. The company fell 7.5p to 358p after Royal Dutch/Shell Group, in which Shell Transport & Trading holds a 40% stake, said fourth-quarter profit fell 33% because of the cost of shutting a plant and writedowns. In the US, the Dow Jones Industrial Average index is currently down 2.45 points to 10,468.29 and the S&P 500 index is also down 1.82 points to 1,124.70. And the Nasdaq Composite index has so far gained 0.84 points to 2,014.98. ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Advisers expecting more of asset managers since Consumer Duty

Advisers expecting more of asset managers since Consumer Duty

‘We actually need to understand one another better’

Hope Coumbe
clock 28 March 2024 • 1 min read
Fears tech limitations could stall MPS on its upward trajectory

Fears tech limitations could stall MPS on its upward trajectory

‘There have been a few changes and challenges around growth in general’

Hope Coumbe
clock 27 March 2024 • 1 min read
Partner Insight: Beyond 60/40

Partner Insight: Beyond 60/40

Invesco
clock 27 March 2024 • 5 min read