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.
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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.
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