UK shares fell on Tuesday as a global sell-off prompted by fears of a full-blown trade war between the U.S. and China took its toll and disappointing news on the corporate front.
BSE benchmark Sensex closed lower by about 74 points at 35,548.26 in a choppy trade amid flaring up of trade tariff tensions between the US and China, forcing investors to adopt a cautious stance.
Britain’s leading stock index tumbled, following the lead of European shares in a broad sell-off as investors were spooked by the prospect of a tightening of financial conditions and political risk.
The UK’s top share index held steady following a delayed open as stocks trading ex-dividend outweighed a rise among banks and big oil, while a stronger pound also added pressure.
World stocks hit a three-week high and the euro and German Bund yields also rose as investors priced in a potentially earlier-than-expected wind-down of stimulus from the European Central Bank.
British shares rose on Monday as a flurry of deals lifted investors’ spirits and helped brush aside fears of a full-blown trade war between the U.S. and some of its closest partners.
Kingfisher led a rebound in UK shares amid relief on global markets about Pyongyang’s measured response to the cancelling of the summit between the United States and North Korea.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS managed to eke out 0.1% gains.
Investors pumped $11.9 billion into global equities in the past week and also put money into bank loans, likely viewing the rise in US bond yields as reflecting a robustly growing economy, BAML said.
Strong results from Micro Focus, and a rally among mining stocks, drove Britain FTSE 100 higher on while Crest Nicholson and mid-cap pub companies suffered sharp losses.
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