FTSE 100 slides as hot inflation data dampens rate-cut bets
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FTSE 100 down 0.2%, FTSE 250 off 0.3%
July 17 (Reuters) -London stocks opened lower on Wednesday after a surprisingly strong domestic inflation data prompted investors to scale back bets for an August rate cut by the Bank of England.
The blue-chip FTSE 100 index .FTSE was down 0.2%, and on track for its third session of losses, if current trend holds. The mid-cap FTSE 250 .FTMC was down 0.3%, as of 0704 GMT.
British consumer prices data showed that inflation held at 2%, defying forecasts of a slight fall, adding to uncertainty around when the central bank would start its easing cycle.
The odds of an interest rate cut in August dropped to around 33% chances from 49% ahead of data. 0#BOEWATCH
Yields on the 2-year government bond GB2YT=RR edged higher while the pound GBP=D3 strengthened against the dollar, further dampening market sentiment.
Industrial metals miners .FTNMX551020 led the sectoral declines with a 1.3% fall, tracking lower prices of most base metals.
Shares of Babcock BAB.L slipped 4% after the British engineering company missed operating profit estimates.
Reporting by Purvi Agarwal in Bengaluru; Editing by Sherry Jacob-Phillips
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