Miners dragged the FTSE 100 into the red on Tuesday, as stocks in London finished the session lower at the close.
The FTSE 100 index closed down 31.41 points, 0.4%, at 8,167.37. The FTSE 250 ended down 47.19 points, 0.2%, at 21,091.49, and the AIM All-Share closed down 3.07 points, 0.4%, at 780.17.
The Cboe UK 100 ended down 0.5% at 814.73, the Cboe UK 250 closed down 0.5% at 18,388.59, and the Cboe Small Companies ended down 0.4% at 17,248.12.
In European equities on Tuesday, the CAC 40 in Paris ended down 0.3%, while the DAX 40 in Frankfurt ended up 0.8%.
Consumer confidence in the eurozone continued its upward trajectory this month, official data on Tuesday suggested.
According to the European Commission, the flash eurozone consumer confidence indicator improved to minus 13.0 points in July from minus 14.0 in June.
The reading was better than FXStreet-cited market consensus of minus 13.2. The figure was approaching its long-term average, the Commission noted.
Across the Atlantic, in the US, existing home sales fell more than expected in June as house prices hit their highest-ever level for the second consecutive month.
According to the National Association of Realtors total existing-home sales fell 5.4% in June from May to a seasonally adjusted annual rate of 3.89 million in June. Year-over-year, sales also dropped 5.4% from 4.11 million in June 2023. FXStreet consensus had predicted a fall in June to 3.99 million.
‘We’re seeing a slow shift from a seller’s market to a buyer’s market,’ said NAR Chief Economist Lawrence Yun. ‘Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.’
Stocks in New York were higher at the London equities close, with the DJIA up 0.2%, the S&P 500 index up 0.3%, and the Nasdaq Composite up 0.6%.
Still to come on Tuesday, Google owner Alphabet and electric carmaker Tesla report after the closing bell in New York.
The pound was quoted at $1.2915 at the London equities close Tuesday, higher compared to $1.2913 at the close on Monday. The euro stood at $1.0855 at the European equities close Tuesday, lower against $1.0881 at the same time on Monday. Against the yen, the dollar was trading at JP¥155.98, lower compared to JP¥156.88 late Monday.
At the top of the FTSE 100 index, Compass rose 4.5%, after it hailed strong growth across the board as it raised guidance for full-year growth in operating profit.
‘All regions continue to perform well, and industry trends remain strong, providing Compass with an exciting pipeline of new business opportunities,’ the Chertsey, England-based contract caterer said in a trading statement.
On the other hand, there was a poor showing for mining firms.
Glencore and Anglo American lost 2.2%, Rio Tinto gave back 1.5% and Antofagasta was down 1.1%. They were among the worst FTSE 100 listed performers.
AJ Bell’s Dan Coatsworth said that miners were dragged down on the back of weak copper prices.
‘Copper futures have fallen by nearly 7% over the past five days amid concerns about sluggish demand from China as it struggles with a slowdown in economic growth. The market has taken the view that China isn’t digging deep enough with stimulus measures to fire up the economy and therefore commodities demand is at risk,’ Coatsworth explained.
Oil prices also fell lower. Brent oil was quoted at $80.95 a barrel at the London equities close Tuesday, down from $82.15 late Monday.
On London’s AIM, SkinBioTherapeutics jumped 27%, following the closure of its convertible bond facility.
The skin health-focused life science company received the final conversion notice from Macquarie for £480,000 on Monday of convertible bonds from the initial £5.0 million convertible bond facility announced earlier in the year.
Chief Executive Officer Stuart Ashman said: ‘We are pleased that the [convertible loan note] has now come to an end. Having listened to shareholder sentiment, we made the decision not to use the remainder of the facility. We have worked to reduce the initial loan note as swiftly as possible. Whilst the term of the note was designed to span two years, the entire facility has now been converted within six months of its introduction’.
Gold was quoted at $2,406.10 an ounce at the London equities close Tuesday, higher against $2,397.10 at the close on Monday.
In Wednesday’s UK corporate calendar, there is a trading statement due out from easyJet. There are also half year results from Aston Martin, Fresnillo, and Reckitt Benckiser.
The economic calendar for Wednesday has a slew of flash composite PMI data from the UK, the eurozone, Germany, and the US.
There is also an interest rate decision from Canada.
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