Rate hike fears weigh on British shares, but commodities limit the damage

The FTSE 100 is struggling for direction today. Investors lack clarity after a mixed batch of economic statistics and hawkish moves by several central banks.

Miners are among the biggest gainers this morning, bouncing back after a difficult session on Wednesday due to China demand concerns.

They were on the back burner, but rate hike fears came back after the Bank of Canada followed the Bank of Australia with an increase in interest rates yesterday. It led to a rise in global bond yields. Will the Fed follow the same path at its next meeting?

Among stocks, Rio Tinto rose more than 1% after Citigroup raised its recommendation to “buy”.

Vodafone is the biggest loser today, dropping 5% after Reuters reported that it is about to sign a merger deal with Hutchison.

 

Things to read today:

Out of luck: the bleak economic outlook Starmer will face (Financial Times)

Tech sell-off drags US Stocks lower (Financial Times)

Russian Elite Is Souring on Putin’s Chances of Winning His War (Bloomberg)