FTSE ends week in negative territory

The FTSE 100 ended the week in the red as concerns over the prospect of rising US interest rates and the stand-off between Rome and Brussels conspired to hit stocks.

London’s top tier closed down 35.34 points, or 0.49%, at 7,105.34.

It came following the US Federal Reserve meeting, where policymakers signalled that interest rate hikes are on the cards.

David Madden, market analyst at CMC, said: “Traders are worried about interest rate hikes from the Fed, and the political situation in Italy.

“The US central bank announced that additional interest rate hikes are in the pipeline, and this has soured sentiment. Rome and Brussels are at loggerheads over the proposed budget. Italy’s economy minister, Giovanni Tria, said that the EU’s proposal to reduce the deficit would be economic ‘suicide’.”

In stocks, Informa shares were in the ascendancy after the events business

West stocks highlighted

booked underlying revenue growth of 3.9% in the first 10 months of the year of rival UBM. Investors lapped up the news, sending shares to the top of the FTSE 100, closing up 18.4p at 710.6p.

Sterling, meanwhile, took a dive off the back of more Brexit uncertainty and the resignation of Jo Johnson – brother of Brexit backer Boris – from Theresa May’s Government.

The British currency was down 0.6% versus the US dollar at 1.297. Against the euro, the pound was trading down 0.3% at 1.146. In Europe, Germany’s DAX was up a meagre 0.02% and France’s CAC was down 0.48%.

A barrel of Brent crude was trading at 69 US dollars, a decline of 1.4%.

Biggest FTSE 100 risers were Informa, EasyJet up 26p at 1,254p, Imperial Brands up 56p at 2,750p and National Grid up 15.7p at 855.7p. Biggest fallers were Burberry down 91p at 1,773.5p, Antofagasta down 39.8p at 778.2p, DS Smith down 18.2p at 357.8p and Fresnillo down 42p at 861p.