FTSE 100 Declines On Rate Hike Jitters

U.K. stocks were moving lower on Tuesday, as signs of improvement in the U.K. labor market as well as rising U.S. Treasury yields fueled speculation of tighter monetary policies.

The U.K. unemployment rate dropped to 4.1 percent in three months to November, data from the Office for National Statistics showed. The rate was forecast to remain unchanged at 4.2 percent.

The employment rate increased by 0.2 percentage points on the quarter to 75.5 percent. During October to December, the number of job vacancies rose to a new record of 1,247,000.

The benchmark FTSE 100 dropped 71 points, or 0.9 percent, to 7,540 after ending 0.9 percent higher on Monday.

Miners declined, with Anglo American and Antofagasta both falling over 1 percent.

IntegraFin Holdings fell over 1 percent. The company reported that its first-quarter funds under direction or FUD were 54.54 billion pounds, representing an increase of 4.7 percent over the quarter.

Elementis jumped 4 percent. The specialty chemicals company said it delivered a good fourth quarter performance, with double-digit year-on-year underlying revenue growth, agile supply chain management and self-help actions.

Genel Energy rallied 3.2 percent. The company, engaged in oil and gas exploration and production activities, forecast its free cash flow to more than double in 2022.

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