London’s FTSE 100 fall as miners drag; ECB decision on tap

London’s FTSE 100 fell on Thursday, with losses from miners dragging the commodity-heavy index down, while broader market sentiment was also downbeat after US Federal Reserve chair Jerome Powell said inflation was still a concern.

The blue-chip index and the mid-cap FTSE 250 index shed 0.5% each, as of 0718 GMT.

Base metal miners fell 1.8%, even as metal prices rose, as a weaker-than-expected demand recovery in top consumer China prevented dented sentiment.

Oil and gas stocks, however, rose 1.5%, led by a 2.2% rise in Shell as the oil giant posted first-quarter net profit of $9.65 billion, topping analysts’ forecasts.

FTSE 100 climbs ahead of Easter break

The Fed raised interest rates by 25 basis points on Wednesday and signalled it may pause further increases.

However, Fed chair Jerome Powell’s view that inflation was still a concern caused uncertainty among investors on its monetary policy trajectory. Markets also await the European Central Bank’s rate decision due at 1215 GMT.