(MENAFN- ProactiveInvestors) London’s top share index lost ground on the open after the US Federal Reserve maintained its pledge of ‘patience’ in raising rates this year.
The Fed’s committee boosted its assessment of the world’s #1 economy and its labour market and downplayed low inflation.
The result was a stronger dollar which dented Asian stocks overnight and took WTI crude to an almost 6 year low US$44 per barrel.
Gold also extended its declines from near US$1300 per ounce as investors weighed up the outlook for higher interest rates in North America.
In London the FTSE 100 was 48 points lower at 6778.
() was bottom of the FTSE this morning after its fourth quarter results which were in-line with expectations but included plans to slash capital expenditure by US$15bn over the next three years.
The statement is also hurting FTSE peer () which is second worst off on the index this morning on the potential for it to deliver a similar message on 3 February.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.